Did you lose money investing in Hornbeck Offshore Services (OTC: HOSSQ)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who suffered losses investing in Hornbeck Offshore Services (OTC: HOSSQ) at the recommendation of their financial advisor. If you suffered losses investing in the investment, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim against the brokerage firm that recommended the investment.
According to its website, Hornbeck Offshore Services (OTC: HOSSQ) is “a leading provider of marine transportation services to exploration and production, oilfield service, offshore construction and military customers. Since [its] establishment, [it] ha[s] primarily focused on providing innovative, technologically advanced marine solutions to meet the evolving needs of the deepwater and ultra-deepwater energy industry in domestic and, more recently, foreign locations.”
As energy prices have declined so has the value of energy investments. Many investors have suffered significant losses in energy investments that were recommended to them by the financial advisor. Many of these investments were high risk and were unsuitable for their portfolios.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
UPDATE 5/26/2020: On May 19, 2020, Hornbeck Offshore Services (OTC: HOSSQ) purportedly filed a prepackaged bankruptcy in the Southern District of Texas. The company apparently had been negotiating with lenders for months trying to avoid bankruptcy, but the market crash during the COVID-19 pandemic made it impossible. At the time of this writing, Hornbeck Offshore Services’s (OTC: HOSSQ) stock is trading at $0.014, according to Google Finance. That is a 99.05% decrease from its 52-week high of $1.47, according to Google Finance.
Due Diligence Requirement
FINRA requires brokerage firms to conduct due diligence on investments, such as Hornbeck Offshore Services (OTC: HOSSQ), and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokerage firms that fail to conduct adequate due diligence on investments they recommend, such as Hornbeck Offshore Services (OTC: HOSSQ), or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing in Hornbeck Offshore Services (OTC: HOSSQ) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
