Did Your Broker Recommend SandRidge Energy?
by
Lars Kristian Soreide on May. 17, 2016
Summary: Many investors are suffering devastating losses due to plummeting oil prices as they now watch dozens of companies, including SandRidge Energy, file for Chapter 11 bankruptcy.
Soreide Law Group (888-760-6552) has been contacted by investors due to significant losses in:
SandRidge Energy, Inc. (SDOC)
By May 1, 2016, 27 oil and gas exploration and production companies had filed for bankruptcy protection. SandRidge Energy Inc., became the latest oil and gas company to file for bankruptcy Monday, May 16, 2016, along with Breitburn Energy Partners.
SandRidge Energy stock may have been recommended to investors by their broker/dealers or financial advisors as something that would be safe in their low-risk, retirement-oriented portfolios, or perhaps the investor was never told of the high-risk nature of these volatile energy stocks. Now these investors are dealing with devastating losses.
SDOC 52-week range: 0.02 - 1.28
SandRidge's filing was pre-negotiated which awards control of the company to creditors in exchange for $3.7 billion in debt. While this prepackaged deal assures the company's future under different ownership, and will wipe out common shareholder equity in the company, it still must be approved by a bankruptcy court.
SandRidge stock will continue to trade during bankruptcy proceedings and reorganization, however shareholders need to understand that they are the last in line. The creditors will receive the company's assets or equity holdings once bankruptcy is complete before the shareholders. In other words, investors will more than likely be left with absolutely nothing.
Most experts believe the Oklahoma-based company will not be the last energy company to seek the protection of a bankruptcy court.
If you have suffered significant losses in SandRidge Energy Inc. (SDOC) due to the recommendations of your broker/dealer or financial advisor, call Soreide Law Group for a no-cost consultation with a securities lawyer regarding the possibility of recovering your investment losses at: 888-760-6552. Or, visit our website at: https://www.securitieslawyer.com
Soreide Law Group represents investors on a contingency fee and we will advance all costs. We are committed to recovering our clients’ losses due to the negligence or fraud by their stock brokers or financial advisors. Our securities lawyers represent clients nationwide before FINRA.
