Soreide Law Group is investigating claims against brokers who recommended Diamond Offshore
The securities arbitration law firm, Soreide Law Group, is representing clients against financial advisors who recommended Diamond Offshore in large concentrated positions. DO may have been unsuitable for some investors and some brokers may have failed to limit losses as the stock crashed. Over concentrated positions in oil investments is totally unsuitable for senior citizens. Oil historically is extremely volatile and crashes every decade going back to the 1970s. We have already filed one claim against a National Securities broker for recommending Diamond Offshore to his customers and are interested in speaking with other clients who purchased the stock.
Diamond Offshore reached a high of about $65 per share in 2013. From there the stock crashed through all moving averages and showed relative weakness all the way down. If your broker held this stock and had no exit strategy and failed to limit your losses you may have a valid claim. Any proper trade plan has risk management and an exit strategy.
Diamond Offshore Losses
Diamond offshore provides contract drilling services to the energy industry worldwide. It provides services in floater market, including ultra-deepwater, deepwater, and mid-water. The company operates a fleet of 24 offshore drilling rigs, which comprise 4 drillships, 8 ultra-deepwater, 6 deepwater, 5 mid-water semisubmersibles, and 1 jack-up rig. It serves independent oil and gas companies, and government-owned oil companies. DO has over 2800 full time employees. When oil prices started to slide in 2014 so did Diamond offshore drilling’s stock price. In 2014 when crude oil was over $100 a barrel the stock price was over $70 and now its down to $14. Many stock brokers recommended to their clients to stay the course but that was an ill advised strategy that left many with huge stock losses they will never recover from. If you lost more than $50,000 in Diamond Offshore Drilling due to your stock brokers recommendation call 888-760-6552. Soreide Law Group is a securities arbitration firm that handles FINRA arbitration’s nationwide against financial professionals. If you bought this stock on your own through a self directed trading platform we cannot assist you but if your broker recommended DO please contact us today.