Soreide Law Group is reviewing possible investor claims against securities brokers and financial advisors who inappropriately recommended or even misrepresented investments in Valaris Plc (NYSE: VAL). Namely, as of May 22, 2020, VAL was priced at $0.33. Over the last 5 years, VAL has essentially plummeted in value. In fact, it has declined more than 94% since February 20.
Valaris Plc (formerly known as Ensco Rowan Plc) is a London, UK based company. It concentrates in the oil and gas industry. Evidently, Valaris provides offshore drilling services and operates a fleet of drill ships, semi-submersibles, jackups and deep-water managed units.
As of April 29, 2020, Valaris reported that it had a net loss of $3.01 billion which equates to $15.19 per share for Q1 2020. This greatly exceeds the $216 million net loss which it reported in Q4 2019. Valaris’ President and CEO, Tom Burke, attributed VAL’s losses largely to low energy demand which has been exacerbated by COVID-19. Particularly, Burke indicated that customers for offshore drilling have reduced their expenditures in light of these market conditions. Notably, Burke projects that Valaris will continue to report negative cash flows and losses through the rest of 2020.
Critically, securities brokers and financial advisors could have recommended for clients to purchase VAL without disclosing risks and without considering their clients’ goals, risk tolerances, financial needs or other aspects of the clients’ investor profiles. Also, it is possible that securities brokers and financial advisors pushed energy sector investments because of the prospect of high returns while downplaying risks. Unfortunately, energy sector investments can be very volatile and have generated serious losses for investors as of late. It appears that some investors could have sustained big losses on VAL.
Have you experienced losses by investing in VAL because of 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 financial advisors.
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