Goodrich Petroleum Investment Losses
Have you suffered losses investing in Goodrich Petroleum Corp? If so, the securities attorneys of The White Law Group may be able to help you recover your losses in a FINRA arbitration claim against the brokerage firm that recommended the investment.
Goodrich Petroleum Corporation is an independent exploration and production company engaged in the exploitation, development and production of crude oil and natural gas based in Houston, TX.
According to an October 12 press release, Houston-based Goodrich Petroleum Corp. satisfied the conditions of its reorganization plan, which was confirmed by a bankruptcy judge Sept. 28. The company and its subsidiaries filed for chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas in Houston, hoping to eliminate $400 million in debt.
Emerging from bankruptcy, Goodrich received $40 million in new capital through the issuance of convertible second lien senior secured notes due 2019. According to the release, half of the money will go to paying down debt of around$20 million, while the other half will cover the company’s Haynesville Shale drilling program.
Goodrich’s common stock was canceled, and its new common stock will be traded on the OTC Markets marketplace. Their goal is to list on a major exchange later.
Brokerage firms that sell oil and gas investments, like Goodrich Petroleum have a fiduciary duty to perform adequate due diligence to determine if the investment has a reasonable likelihood of success. Unfortunately, some brokers may have recommended Goodrich Petroleum to investors even though the investment was unsuitable for their clients. Investment recommendations should be inline with a client’s age, investment experience, net worth, and investment objectives. When brokers make inappropriate investment recommendations, both the broker and the firm may be liable for investment losses.
For more on The White Law Group’s investigation, see Recovery of Goodrich Petroleum Corporation 8.875% 3/15/2019 bond losses.
Recovery of Investment Losses
If you suffered losses investing in Goodrich Petroleum and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of 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.
For more information on the firm, visit www.WhiteSecuritiesLaw. com.