Whiting Petroleum Stock drops 35% after firing one third of its Workforce
Are you concerned about your investment in Whiting Petroleum Corp. at the recommendation of your financial advisor? If so, the securities attorneys at the White Law Group may be able to help you to recover your losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
According to Yahoo Finance, Denver oil- explorer, Whiting Petroleum Corp.’s stock is down 77% over the last year with the biggest drop coming last week when the oil company reportedly scaled back production, fired one-third of its workforce, and posted a disappointing quarterly loss.
The oil company will reportedly save $50 million by eliminating 254 jobs, according to the article, with 94 corporate level and executive positions among those that were cut. Whiting reportedly said it expects to save $15 million from the job cuts.
Whiting posted a 28 cents loss per share in the second quarter which was attributed to “a combination of weak natural gas liquids pricing, higher-than-expected operating costs, and disappointing oil volumes,” according to the article.
High Risk Energy Investments
The White Law Group is investigating the liability that brokerage firms and financial advisors may have for recommending high risk energy investments, like Whiting Petroleum, to its clients.
Brokerage firms that recommend energy investments are required to perform adequate due diligence on the investments. They must ensure a reasonable likelihood of success.
Brokerage firms must also evaluate whether the investments are suitable in light of their client’s age, net worth, investment experience, risk tolerance, and investment objectives. Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim.
If you suffered losses investing Whiting Petroleum or another energy investment 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, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit https://www.whitesecuritieslaw.com.