Have you suffered losses in an Atlas Resource investment program? If so, The White Law Group may be able to help you recover some of your losses through a FINRA dispute resolution claim against the brokerage firm that recommended the investment.
According to their website, Pittsburgh-based Atlas Resource Partners, L.P. is a fully integrated energy drilling and production company. The company has operations in basins across 16 different states. In addition, Atlas Resource Partners is a leading sponsor of tax-advantaged direct investment natural gas and oil partnerships in the U.S.
Atlas Resource Partners LP filed for bankruptcy protection on July 26 and joins dozens of struggling oil and gas producers that were pushed into Chapter 11 after energy prices began dropping in 2014. Since the beginning of 2015, at least 85 North American oil and gas producers have defaulted, according to Haynes & Boone LLP. Those cases involve about $61.2 billion in cumulative debt, the law firm said in a June 30 report.
The White Law Group continues to investigate the liability that brokerage firms have for recommending high-risk oil and gas programs. The firm has handled a number of claims involving Atlas. In those claims, the firm has alleged, among other things, that the Atlas investments were (1) high-risk and unsuitable for our clients given their financial situation, needs and investment objectives, (2) that the risks of the investment were not fully disclosed to them, and (3) that the brokerage firms that sold the investments failed to conduct the proper due diligence with respect to the Atlas investments (as the firms are required to do by FINRA Rules).
The problem with oil and gas limited partnerships like those offered by Atlas are they are exempt from registration with the Securities and Exchange Commission (SEC) and lack the same regulatory oversight as other investment products. These types of limited partnerships are also high-risk, speculative ventures that often lack liquidity. In addition, limited partnerships offer extremely high commission fees that are often 3-4x higher than more traditional investments, like mutual funds or bonds.
Specifically, The White Law Group is investigating potential claims involving the following Atlas offerings:
Atlas Resource Series 30-2011 L.P.
Atlas Resource Series 31-2011 L.P.
Atlas Resource Series 32-2012 L.P.
Atlas Resource Series 33-2013 L.P.
Atlas Resource Series 34-2014 L.P.
If you invested in an Atlas Resource offering and would like to discuss your litigation options, please call The White Law Group at 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 in FINRA arbitration claims throughout the country. Visit our homepage to learn more about the firm.