Labaton Keller Sucharow served as Co-Lead Counsel in a class action challenging a self-interested acquisition of Pattern Energy Group Inc. (PEGI or the Company) by the Canada Pension Plan Investment Board (CPPIB). 

The case against PEGI, certain Company officers and executives, certain PEGI affiliates, the Special Committee for the merger, and the Special Committee’s advisor (collectively, Defendants) alleged that, in 2019, affiliates of PEGI conspired with the Company’s highest-ranking executive officers to block a transaction with Brookfield Asset Management Inc. and TerraForm Power, Inc. in favor of the merger with CPPIB, which advanced the officers’ personal interests.  The case further alleged that those individuals and entities blocked a more valuable acquisition by a potential third-party acquirer because it did not include an acquisition of a PEGI affiliate.  

After launching a Section 220 demand and conducting an investigation, the Firm filed a Verified Stockholder Class Action Complaint on May 28, 2020, on behalf of an individual shareholder (Chancery Plaintiff) and PEGI investors.  In 2021, the Court rejected a majority of the Defendants' motion to dismiss.  Following this milestone, the Firm engaged in extensive fact discovery, and in March 2023, the Court certified the class of investors. 

In August 2023, the Parties agreed to a $100 million settlement of the action—the largest settlement of Revlon claims in Delaware history to date.  The Court approved the settlement on May 3, 2024. 

The case is In re Pattern Energy Group Inc. Stockholders Litigation, C.A. No. 2020-0357-MTZ (Del. Ch.).