Securities Investigation: Blacksands Petroleum
Are you concerned about your investment in Blacksands Petroleum? If so, the securities attorneys at The White Law Group may be able to help you.
According to Bloomberg, Blacksands Petroleum, Inc. does not have significant operations. The company seeks to acquire assets or shares of an entity actively engaged in business that generates revenues in exchange for its securities. Previously, it was involved in the exploration, development, exploitation, and production of oil and natural gas reserves in the United States.
The company reportedly was formerly known as Lam Liang Corp. and changed its name to Blacksands Petroleum, Inc. in June 2006. The company appears to have been founded in 2004 and is based in Castlerock, Colorado.
Blacksands Petroleum Inc. is a revoked Nevada corporation with a class of securities registered with the Commission.
The company is allegedly delinquent in its periodic filings with the Commission. Blacksands Petroleum reportedly has not filed any periodic reports since it filed a Form 10-Q for the period ended April 30, 2015, which allegedly reported a net loss of over $1.34 million for the prior six months.
Investigating Potential Claims
The White Law Group is investigating potential claims involving broker dealers who may have unsuitably recommended Blacksands Petroleum to investors.
Broker-dealers have a legal obligation to act in the best interest of their clients and have to demonstrate adequate due diligence on an investment before recommending the investment to a client. Furthermore, recommendations should be consistent with an individual’s age, risk tolerance, financial objectives, and investment knowledge.
Broker-dealers that have not done their fiduciary duty or adequately disclose the risks when selling investments may be held liable for damages lost through FINRA arbitration claims.
If you are concerned about your investment in Blacksands Petroleum, The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
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.
For more information on The White Law Group, visit http://whitesecuritieslaw.com.