Did Your Broker Recommend Energy XXI Ltd?

Soreide Law Group has filed lawsuits for several investors whose stock brokers recommended Energy XXI Ltd.  These investors were placed in a high concentration of this very volatile oil and gas stock by their brokers in their conservative portfolios.
Energy XXI Ltd., an oil and gas company, filed for Chapter 11 bankruptcy protection, in April, 2016, after having spent $5 billion on acquisitions in the years leading up to the devastating oil price losses. They listed $1.8 billion in assets and $3.6 billion in debt.  They said they reached a restructuring agreement with noteholders. Energy XXI was the largest publicly traded independent producer on the Gulf of Mexico shelf.
At the time, Energy XXI said it planned to operate as normal during the restructuring, and had about $180 million in cash.  They said they expected to pay suppliers and vendors in full. Energy XXI asked the court for a freeze on stock transfers in order to preserve tax benefits.
Oil began its decline in 2014 when at the time, crude was around $100 a barrel. Dozens of energy explorers were driven into Chapter 11. It has been reported that 35 percent of exploration and production companies worldwide, around 175 firms, are at risk for bankruptcy totaling around $150 billion in debt.
Your stockbroker or financial advisor may have misrepresented the risks involved with Energy XXI Ltd stock, or recommended this risky investments to you or someone who may have not been suitable due to their conservative portfolio.
If you feel your broker/dealer or financial advisor recommended this highly risky oil and gas stock, or had placed you in a large concentrated position in Energy XXI Ltd, or any other oil and gas related investment, call Soreide Law Group at (888) 760-6552 for a free consultation with a lawyer to discuss the possible recovery of your financial losses.
The Soreide Law Group handles cases nationwide before FINRA and we work on a contingency fee.