Legacy Reserves Inc. Files Chapter 11
Have you suffered losses investing in Legacy Reserves Inc. at the advice of your financial advisor? If so, the securities attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim against the brokerage firm that sold you the investment.
Legacy Reserves Inc. (NASDAQ: LGCY) announced on June 18, that it has, together with its subsidiaries filed for chapter 11 in the United States Bankruptcy Court for the Southern District of Texas.
Legacy’s stockholders are reportedly cautioned that trading in shares of Legacy’s common stock while the chapter 11 cases are pending will be highly speculative and will pose substantial risks.
The company expects that its common stock will be delisted from the Nasdaq Stock Market LLC for non-compliance with marketplace rules as result of the chapter 11 cases. Additionally, Legacy expects there will be no recovery for any equity holder in the chapter 11 cases.
According to the press announcement, Legacy “urges extreme caution with respect to existing and future investments in its common stock.”
Legacy Reserve LP Investigation
The White Law Group continues to investigate the liability that brokerage firms may have for recommending oil and gas MLPs like Legacy Reserve LP.
Brokerage firms that sell such products are required to perform adequate due diligence on the investments to ensure a reasonable likelihood of success. They must evaluate whether the investments are suitable in light of the client’s age, net worth, investment experience, and investment objectives. Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim.
If you suffered losses investing in Legacy Reserves LP or another MLP and would like a free consultation with a securities attorney, please call The White Law Group at 1-888-637-5510.
The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.
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