Soreide Law Group wants to know whether your financial advisor caused you to purchase notes or other securities issued by struggling natural gas driller, Ultra Petroleum (OTCQX: UPLC). Namely, for the second time since 2016, the company has filed for Chapter 11 bankruptcy protection. Here’s more:
Ultra Petroleum is an independent exploration and production company headquartered in Englewood, Colorado. Apparently, the company produces and develops natural gas reserves located in the Pinedale and Jonah Fields (Green River Basin).
On May 14, 2020, Ultra Petroleum revealed plans to file for Chapter 11 bankruptcy so that it could implement an agreement with certain lenders and noteholders. It appears that like many oil drillers, the company got battered from weak oil prices. However, the company’s failed drilling program in Wyoming Pinedale formation exacerbated the situation, and so did Covid 19. Evidently, the company plans to shed about $2,000,000,000 from its balance sheet and deleverage its capital structure.
Significantly, financial advisors are responsible for ensuring that their recommended investments are suitable for investors. This necessitates due diligence by the financial advisor not just on the investor but also on the investments. In addition, financial professionals must clearly disclose risks and other relevant facts about recommended investments. With all of the turbulence in the energy sector, it is normal for investors to question whether their financial advisor’s recommendations of energy securities was inappropriate for their situation.
Have you experienced losses because of purchasing Ultra Petroleum 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 misconduct of brokers and advisors.
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