PetroQuest Energy (PQ) Losses?

Did Your Financial Advisor Recommend Your Investment In PetroQuest?

The investment loss attorneys at Soreide Law Group are reviewing possible lawsuits against financial advisors who recommended bonds, notes or other debt securities issued by Louisiana-based energy company, PetroQuest Energy, Inc. (OTC: PQ). Namely, PetroQuest emerged from bankruptcy on February 13, 2019, but this may not have prevented investors from sustaining permanent losses. Here’s more:

Who Is PetroQuest?

PetroQuest is an independent energy company who is engaged in the exploration, development, acquisition and production of oil and natural gas reserves. Apparently, the company has principally focused its efforts in the United States within the Gulf Coast Basin, Woodford Shale and Carthage Field.

PetroQuest Files Bankruptcy

In January 2019, PetroQuest filed for Chapter 11 bankruptcy in the United States Bankruptcy Court of the Southern District of Texas.  A month later, after having met conditions of its plan of reorganization, the company emerged from bankruptcy. Evidently, PetroQuest was able to eliminate $295,000,000 in debt and preferred equity obligations.
Significantly, PetroQuest’s bankruptcy comes after the company posted a $5,000,000 loss in Q3 2019. It also comes after the company extended forbearance agreements with its lenders. Notably, the company sustained several years of severe financial setbacks that culminated in the filing. Also, similar to many companies in the energy sector, the company’s stock price plummeted along with declining oil prices.

Securities Brokers, Financial Advisors Possibly Sold Bad Securities

Securities brokers and financial advisors are responsible for ensuring that the investments they recommend are suitable for investors. Among other things, this necessitates the financial advisor’s due diligence on the investor as well as the investments themselves. Moreover, it is incumbent upon these financial professionals to disclose risks and other details about investments that they push. With all of the turmoil facing the energy sector these days, it is no surprise that investors are questioning whether it was appropriate for their brokers or advisors to have recommended energy investments. Significantly, some investors may have been sold unsuitable and misrepresented securities in PetroQuest.

Losses By Investing In PetroQuest?

Have you experienced losses because of purchasing PetroQuest securities from your securities broker or financial advisor? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to investment-related misconduct.