Did you lose money investing in PHI, Inc. (OTC: PHIKQ, PHIIQ) Stock and Bonds?
Galvin Legal, PLLC is launching an investigation on behalf of investors who suffered losses investing in PHI, Inc. (OTC: PHIKQ, PHIIQ) Stock and Bonds 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.
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.
About PHI, Inc.
PHI, Inc. is a Lafayette, Louisiana-based helicopter services company founded in 1949 that employs approximately 2,200 people. The company purportedly operates in the United States and 43 other countries. It primarily provides transportation services to offshore Oil and Gas operations in the Gulf of Mexico and throughout the world.
PHI, Inc. seems to have experienced significant volatility due to declines in the oil and gas industry, so much so that it reported more than $11 million in losses by Q3 2018. By March 2019, a time when $500 million of its bonds were due to mature, the company filed for Chapter 11 bankruptcy.
The company emerged from bankruptcy in September 2019 having shredded $500 million in debt. Prior unsecured creditors became the sold owners of the company’s equity, subject to dilution relating to future stock issuances. The company’s CEO, Al A. Gonsoulin, was ousted as a result of the bankruptcy.
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.
Due Diligence Requirement
FINRA requires brokerage firms to conduct due diligence on investments, such as PHI, Inc. (OTC: PHIKQ, PHIIQ) Stock and Bonds, 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 PHI, Inc. (OTC: PHIKQ, PHIIQ) Stock and Bonds, 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 PHI, Inc. (OTC: PHIKQ, PHIIQ) Stock and Bonds 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.
