Pattern Energy Investor Suit Should Be Tossed, Magistrate Says

Pattern Energy Group Inc. should be free of an investor lawsuit objecting to the Canada Pension Plan Investment Board’s 2020 purchase of the company, a federal magistrate judge in Delaware recommended.

The renewable energy company’s investors argue that proxy materials sent to shareholders in connection with the merger contained material misrepresentations and omissions. The complaint didn’t state a claim for securities violations, and the would-be class can’t shake a discovery stay ahead of dismissal either, a U.S. District Court for the District of Delaware magistrate judge said.

Underlying all investor claims is the “contention” that “Pattern Energy’s Board allowed its ...