According to reports, Linc USA GP, a subsidiary of Linc Energy which is based in Baytown TX, filed for Chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas on May 29. The move comes less than two months after the parent company entered into voluntary administration in Australia.
Those same reports indicate that after embarking on an “aggressive” drilling program along the Gulf Coast and Alaska’s North Slope, ten other subsidiaries of Australia’s Linc Energy Ltd., which also hold assets in Wyoming’s Powder River Basin, have also voluntarily filed for bankruptcy protection.
The White Law Group is investigating the liability that brokerage firms may have for recommending Linc GP to U.S. based investors.
Brokerage firms have a fiduciary duty to perform adequate due diligence to determine if an investment is appropriate for a particular client given the client’s age, net-worth, financial objectives, investment experiences, financial needs, and risk tolerance. If a brokerage firm makes unsuitable investment recommendations or fails to adequately disclose the risks associated with an investment they may be liable for investment losses.
If you purchased a Linc GP investment through a U.S. based brokerage firm and would like to speak with a securities attorney regarding your ability to recover any investment losses, please call The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.