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Oil Prices Continue to Drop; Fall below $40 Per Barrel

The price of oil just fell below $40 per barrel.  According to a Wall Street Journal article in the July 30-31, 2016, Weekend Edition, “Oil Price Retreat Slams Producers,” by Bradley Olson and Selena Williams, oil prices are “flirting with bearish territory once again.”  Will we be revisiting the February 2016 historic lows of approximately $26/barrel?  Who knows, but what’s clear however, is that oil, gas and energy companies are having a difficult time adapting to the recent pricing pressure, as 43 North American oil and gas drillers have filed for bankruptcy this year alone (and 85 drillers have filed for bankruptcy dating back to 2015).  (www.haynesandboone.com)

During the past two years, with retail investors in search of yield in a low interest rate environment, many brokerage firms such as Morgan Stanley, Wells Fargo, RBC, and Raymond James often recommended energy securities to clients in the form of stocks, bonds, structured notes, mutual funds, limited partnerships, MLPs, unit investment trusts and exchange traded funds.   The Securities Arbitration and Investment litigation lawyers at Ciklin Lubitz & O’Connell, Silver Law Group, and the Law Offices of David Chase, LLC have teamed to investigate and prosecute investment losses for their clients relating to recommendations of energy securities.  You can learn more at www.oilgasinvestementfraudlawyer.com

While each of the aforementioned broker-dealer firms had their share of “darlings,” one of the top picks for some firms included Linn Co. LLC (LinnCo), a publicly traded entity, and Linn Energy, LLC (LINE), a master limited partnership, (together “Linn”), a Houston, Texas based company that recently filed for bankruptcy on May 11, 2016.   Linn investors were tormented for months trying to figure out whether Linn rumors of teetering on the edge would actually file, but in the end, Linn’s management negotiated “golden parachutes” while Linn investors were left holding the bag.  In typical fashion with most debt restructuring arrangements through the bankruptcy process, the company’s business operations in some respects continues.  As an investor, does that sit well with you?  We trust it doesn’t!

If your financial advisor recommended Linn investments or his/her firm failed to properly disclose the potential risks associated with your investments in Linn or other oil and gas stocks, bonds, or Master Limited Partnerships (MLPs), or if you were unaware of the potential tax consequences of such an investment, we are interested in reviewing these issues with you in more detail.

Many of the accounts and portfolios handled by these financial advisors and investment firms did not involve sufficient disclosures of the potential risks and the volatility of these securities, particularly for senior, elderly, retired, or near-retired investors interested in conservative income-producing investments.  The Law Firms are also investigating whether clients’ portfolios were improperly over-concentrated in oil and gas investments based upon their advisor’s recommendations.  Some accounts and portfolios have endured devastating losses in value over the last year, and it appears that investor losses will continue to mount as additional energy companies seek bankruptcy protection.

Firms that provided analyst coverage on Linn Energy and other widely held energy securities include, but are not limited to, Barclays Capital, Citigroup, Stifel, Ladenburg Thalmann, FBR Capital, Scotia Howard Weil, Robert W. Baird, Oppenheimer, Credit Suisse, Raymond James, RBC Capital Markets, UBS, Morgan Stanley, and Wells Fargo.  Oil, gas, and energy companies currently being investigated include (but are not limited to):  Linn Energy, Arch Coal, Atlas Partners, Natural Resource Partners, Seadrill, Sandridge Energy, Swift Energy, Peabody Energy, XXI, Chesapeake Energy, Transocean and Alpha Natural Resources.

If your broker or investment advisor advised you to invest in Linn Energy, or any other stocks, bonds, MLPs or other securities linked to the oil or gas or the energy sector and you have incurred substantial losses, please contact the securities arbitration and investment litigation lawyers at www.oilgasinvestmentfraudlawyer.com for a no-cost case evaluation.   Become informed about your rights, explore whether you have a claim and see if we can be of assistance in trying to recover your investment losses.   Cases are taken on a contingency fee basis, meaning no attorney’s fee is owed if there is no recovery.   Our lawyers have collectively represented hundreds of investors in FINRA or securities arbitration claims and recovered millions of dollars from large and regional brokerage firms.

For more information about the Law Firms, the lawyers, and the oil and gas investment practice area, please visit the oil and gas investment website at: www.oilgasinvestmentfraudlawyer.com.   You can also contact toll-free Mr. Silver at: (800) 975-4345 or fill out our online form for a confidential, no-cost consultation on the potential for recovery of your investment losses.  Our attorneys represent clients nationwide in securities cases to recover investment losses.  No fee unless we obtain a recovery for you.

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