Achaogen Inc. Files Chapter 11 Bankruptcy
Are you concerned about your investment in Achaogen Inc.? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
According to reports today, Achaogen filed for bankruptcy Monday through a voluntary petition for Chapter 11 protection in federal court.
The drugmaker Achaogen Inc., based San Francisco, California, is also reportedly seeking legal permission to pursue an auction and sale.
According to reports, Achaogen’s share price fell more than 50% to $0.22 on Monday’s market open, continuing a sharp decline in the stock over the past two years. The company expects the bankruptcy to serve “as a basis for delisting,” according to a filing with the Securities and Exchange Commission.
Investigating Potential Claims
The White Law Group is investigating the liability that FINRA registered brokerage firms may have for unsuitably recommending high-risk , like Achaogen Inc. to investors.
Brokerage firms are required to perform due diligence on any offering they recommend and to ensure that all recommendations made are suitable in light of the client’s age, investment experience, net worth, income, and investment objectives.
If a firm fails to perform due diligence or makes an unsuitable recommendation, the broker-dealer can be held responsible for any losses in a FINRA arbitration claim.
FINRA can help resolve problems and disputes through two non-judicial proceedings: arbitration and mediation. FINRA’s Dispute Resolution forum handles nearly all of the securities-related arbitrations and mediations in the United States.
If you have concerns regarding your investment in Achaogen Inc. and would like to speak with a securities attorney about your options, please call The White Law Group at 888-637-5510.
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 and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com.