Soreide Law Group has been contacted by investors whose brokers recommended purchasing shares of Ring Energy, Inc. (NYSE: REI), and in particular those clients of NTB Financial broker Henry Urbanowicz of Englewood, Colorado.
According to Yahoo Finance, Ring Energy, Inc., an exploration and production company, acquires, explores for, develops, and produces oil and natural gas in Texas and New Mexico. It sells its oil and natural gas production primarily to end users, marketers, and other purchasers. The company was formerly known as Transglobal Mining Corp. and changed its name to Ring Energy, Inc. in March of 2008. Ring Energy, Inc. was founded in 2004 and is headquartered in Midland, Texas.
Ring Energy, Inc. (NYSE: REI) 52-week range was: 0.4300 - 3.3100. Today it is trading at approximately 0.805.
According to news reports, American Resources, Inc., and SK Energy LLC, the investment vehicle of Dr. Simon Kukes, one of the largest shareholders of Ring Energy, Inc. (NYSE: REI), announced that they are allegedly very concerned with certain actions of the Board of Directors of Ring Energy, and are urging all shareholders to withhold votes on all members of Ring Energy's Board of Directors in the upcoming election.
According to Zack’s Consensus Estimate, Ring Energy, oil and gas company is expected to post quarterly loss of $0.01 per share in its upcoming report, which represents a year-over-year change of -108.3%. The revenues are expected to be $27.36 million, down 45.7% from the year-ago quarter.
It is believed that broker, HENRY F URBANOWICZ (HANK F URBANOWICZ) CRD#: 838207, currently with NTB FINANCIAL CORPORATION of Englewood, Colorado, may have recommended Ring Energy to several of his clients. Many of these clients may have purchased REI at over $10.00 per share potentially in large, concentrated position. Energy stocks can be high-risk and unsuitable for some investors, particularly those investors who have a low to moderate risk profile, and those with retirement in mind.
According to FINRA’s BrokerCheck, HENRY F URBANOWICZ, has been registered in the securities industry for 43 years and has been with NTB Financial since 1993. He has two disputes on his FINRA CRD report, both of them are “Customer Disputes.”
One dispute was settled in October of 2012, for $12,500.00, following allegations that, “Client invested in an oil and gas limited partnership in a publicly traded oil and gas drilling company starting in November of 2007 and subsequently in July of 2008 and again in December of 2008. He is now alleging unsuitability.”
There is a pending customer dispute filed against Hank Ubanowicz in February of 2020, requesting damages of $393,710.14. The allegations are in part, “Investments made between 2005 and 2019 were unsuitable."
Mr. Urbanowicz has been a Licensed Registered Representative since 1985 and denies any wrongdoing from these allegations.
If your broker/dealer or financial advisor recommended purchasing shares in the oil and gas stock, Ring Energy, Inc. (NYSE: REI), and in particular if you were a client of NTB Financial broker, HENRY F URBANOWICZ of Englewood, Colorado, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.