The Haselkorn & Thibaut is investigating possible sales practice violations by financial advisors who recommended Valaris PLC (NYSE: VAL) along with other energy sector-related investments into retail principal street investors.
VAL stock was generally trading at or over $100 per share mid-2015, dropped to $40 per share in 2016, then $20 per share in 2019 and $5 into early 2020. However, the most recent price for VAL is under $0.50/share or a -99% loss!
Valaris PLC, founded in 2009 and headquartered in London, provides offshore-drilling services in various water depths worldwide. VAL operates a rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and contemporary shallow-water jackups. The companies’ offshore fleet includes 16 drillships, 12 semisubmersibles, 54 jackups, and 2 deepwater units. The company was formerly known as Ensco Rowan PLC and changed its name into Valaris PLC in July 2019.
Valaris Lawsuit “FINRA”
The Haselkorn & Thibaut, P.A., is a national investment fraud law firm investigating possible sales practice violations by financial advisors that sold Valaris stock and debt investments.
Financial advisors sold a number of these investments with no proper risk disclosures since these are considered risky securities, especially if there are real estate, business, or merchandise interest risk problems. In instances where these were retirees or similar conservative income-seeking investors, there’s the potential for sales practice abuse as a result of misrepresentations, but more often because of omissions of material fact, or because of a lack of proper oversight.
Many financial advisors recommended energy securities to customers such as ETFs, MLPs in addition to high-yield or junk bonds, stocks, and other securities products, which have now had a catastrophic effect on investor portfolios and investment plans.
The question now for many investors is if any of those past events and risks, including the history of volatility, loss, bankruptcies, etc. within the energy sector were part of the financial adviser’s pitch in recommending these securities? Probably not, in many cases.
Investors Seeking to Recover Valaris Losses
For many investors, a private FINRA arbitration customer dispute permits them to bring a claim and possibly recoup their investment losses. These consumer disputes against financial advisors typically involve just paper discovery without depositions, and they are generally quicker and more efficient in comparison to traditional court lawsuits, as they provide a private forum to resolve disputes faster and efficiently.
About Haselkorn & Thibaut
Haselkorn And Thibaut, P.A. is a nationwide law firm specializing in managing investment fraud and securities arbitration cases. Both founding partners have almost 45 years of legal expertise.
Investors can contact Haselkorn & Thibaut for a free consultation a 1-800-856-3352.