Hard Rock Exploration – Chapter 11 Bankruptcy
Did you lose money investing in Hard Rock Partners 2010-A L.P. Drilling Program at the recommendation of your financial advisor? If so, the securities attorneys may be able to help you recover your losses through FINRA Arbitration.
Hard Rock Exploration, Inc. founded in 2003, is an independent oil and gas development company located in Charleston, West Virginia. The company sponsors drilling programs such as Hard Rock Partners 2010-A L.P. Drilling Program to raise money from investors.
On September 5, 2017, Hard Rock Exploration, Inc. along with its affiliates filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of West Virginia.
The Risks of Oil and Gas Limited Partnerships
The trouble with oil and gas limited partnerships like Hard Rock Partners 2010-A L.P. Drilling Program, is that they involve a high degree of risk and are typically sold as unregistered securities which lack the same regulatory oversight as more traditional investment products like stocks or bonds.
The White Law Group is investigating the liability that brokerage firms may have for improperly selling high risk oil and gas LPs like Hard Rock Partners 2010-A L.P. Drilling Program.
Broker dealers 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.
Brokers often push this type of investment because they have high sales commissions and due diligence fees. Often the financial advisor or broker will focus on the income potential and tax benefits while downplaying the risks.
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.
You may be able to recover investment losses incurred as a result of your purchase of Hard Rock Partners 2010-A L.P. Drilling Program. 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.