Concerned about your investment in Whiting Petroleum Corp.?
Are you concerned about your investment in Whiting Petroleum? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim against the brokerage firm that sold you the investment.
Last Friday, Whiting Petroleum Corp. (NYSE: WLL) announced that it had drawn $650 million on its credit facility to fund ongoing operations. On Wednesday morning, the Denver-based oil and gas exploration and production company said it was filing for Chapter 11 bankruptcy protection.
Whiting reportedly has reached an agreement in principle with some debtholders that includes a “comprehensive restructuring” of $2.2 billion in debt in exchange for 97% of the new equity in the reorganized company. Under the proposed plan, which will need to be approved by the bankruptcy court, existing shareholders will receive only 3% of the new equity in the reorganized company.
That leaves very little for small investors following the reorganization, if it goes through.
The White Law Group is investigating the liability FINRA registered brokerage firms may have for recommending a high-risk oil and gas investment like Whiting Petroleum.
Broker dealers are required to perform adequate due diligence on any investment they recommend. They must also ensure that all recommendations are suitable for the investor in light of that particular investor’s age, risk tolerance, net worth, and investment experience. If a brokerage firm or financial advisor fails to perform due diligence on an investment they recommend or recommends an investment that is unsuitable, they can be held responsible for any losses.
If you are concerned about your investment in Whiting Petroleum the White Law Group may be able to help you. To speak with a securities attorney about your 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 Franklin, Tennessee.
For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com.