Soreide Law Group is evaluating possible claims against stockbrokers and financial advisors who may have recommended Memorial Production Partners (NASDAQ: MEMP) to investors. Memorial Production Partners, prior to filing bankruptcy, focused on acquiring, producing and developing United States based oil and gas companies.
Specifically, Memorial Production Partners LP went through a financial restructuring. Apparently, this enabled the company to emerge from Chapter 11 bankruptcy protection in 2017. In the process, a new corporation, Amplify Energy Corp. (OTCMKTS:AMPY) came into existence.
By way of the Chapter 11 proceedings, the company shredded $1,300,000.00 worth of debt from its balance sheet and turned over a board of directors. The stock in the Memorial Production Partners went from $2.75 (52 week high) to $0.10 (52 week low). Equity holders did not expect any return through the bankruptcy.
Memorial Production Partners suffered financially due to the volatility of the oil and gas industry. Specifically, low market prices have caused securities of companies in the industry, including Memorial Production Partners, to plummet. Through the bankruptcy, Memorial Production Partners LP offered unit holders two percent of the stock and five year warrants in the new company. Note holders purportedly would receive 2% of the new company and 5 year warrants to buy eight percent of the new stock.
Some brokers may be liable for selling Memorial Production Partners investments that were not suitable for customers, especially when it comes to investors with more conservative investment objectives. In addition, the brokers’ employers may also be liable for failing to review the brokers’ recommendations to determine if there was a reasonable basis to make them.
Soreide Law Group has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms. The firm represent clients on a contingency fee basis and advance all costs. If you have experienced losses by investing in Memorial Production Partners (MEMP), contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses.
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