Have you suffered investment losses in Osage Exploration and Development, Inc.? If so, The White Law Group may be able to help.
Osage Exploration and Development, Inc., a private oil and gas company headquartered in San Diego, filed for Chapter 11 protection in February listing $42.5 million in total debt after it suspended its development operations in January 2015 based on historically low projections for natural gas prices.
At the end of March, Oklahoma City’s Red Bluff Resources put in the winning $8.4 million bid for Osage at an auction for the bankrupt oil and gas developer’s assets, according to reports.
The company owed nearly $26 million to Apollo Investment Corp., with interest payments totaling more than $3.1 million per year. On Oct. 15, Osage missed an interest payment, triggering defaults under the Apollo loan deal, according to reports.
The White Law Group is continuing its investigation into the liability that brokerage firms may have for improperly selling oil and gas private placements like Osage Exploration and Development, Inc.
Broker dealers that sell private placements are required to perform adequate due diligence on all investment recommendations to ensure that each investment recommendation that is made is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.
Fortunately, FINRA does provide for an arbitration forum for investors to resolve such disputes and if a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be found liable for investment losses in a FINRA arbitration claim.
For more information on The White Law Group’s investigation in to potential Osage Exploration claims, click here.
To determine whether you may be able to recover investment losses incurred as a result of your purchase of Osage Exploration and Development Inc., please contact The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in claims against their brokerage firm.
For more information on the firm and its representation of investors, visit www.WhiteSecuritiesLaw.com.