National investment loss attorneys KlaymanToskes is currently investigating brokerage firms and financial advisors that recommended stock or unsecured notes in Clovis Oncology, Inc. (OTCMKTS: CLVSQ). To learn about recovery options, click your investment type below and contact KlaymanToskes at 888-997-9956.
The law firm of KlaymanToskes is currently investigating brokerage firms that recommended unsecured notes in Clovis Oncology, Inc. (OTCMKTS: CLVSQ) – a now bankrupt company. If a full-service brokerage firm recommended you invest in Clovis Oncology as an unsecured noteholder, you may be entitled to a financial recovery.
Clovis Oncology unsecured noteholders should immediately contact attorney Lawrence L. Klayman, Esq. at 888-997-9956 or by email at lklayman@klaymantoskes.com to discuss recovery options. All consultations are free and confidential.
On December 11th, 2022, Clovis Oncology Inc. filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware, due to its inability to effectively sell its only approved anti-cancer drug, Rubraca. According to the filing, “unsecured noteholders” are owed more than $400,000,000. In its filing Clovis also estimated its assets to be in the range of $100 million to $500 million, with liabilities between $500 million and $1 billion.
According to public record, JP Morgan Securities and Credit Suisse Securities acted as joint book-running managers for the offering, with Leerink Swann acting as co-manager.
If you purchased unsuitable Clovis Oncology investments through JPMorgan Securities, Credit Suisse, Leerink Swann, or any other full-service brokerage firm, they may be held liable for your losses in a FINRA arbitration claim. Contact KlaymanToskes immediately to discuss your recovery options at 888-997-9956 or lklayman@klaymantoskes.com.
KlaymanToskes is also investigating brokerage firms that failed to recommend to their clients risk management strategies for large, concentrated or margined positions in Clovis Oncology – a now bankrupt company. If you are an investor or employee of Clovis Oncology, Inc. (OTCMKTS: CLVSQ) who held large, concentrated or margined positions at a full-service brokerage firm, you may be entitled to a financial recovery.
If you suffered significant losses at a full-service brokerage firm, contact attorney Lawrence L. Klayman, Esq. immediately at 888-997-9956 or by email at lklayman@klaymantoskes.com to discuss recovery options. All consultations are free and confidential.
Disclosure: Investors that had self-directed accounts who did not rely on the advice of a financial advisor are not eligible for our services.
On September 18th, 2015, Clovis Oncology, Inc. reached an all-time high of $114.39. Today, as of February 16th, 2023, Clovis is worth $0.077 per share, which represents a 99.9% decrease from its high. As a result, Clovis shareholders who held a concentrated position incurred substantial losses. Investors who used their Clovis stock as collateral for margin loans likely received a margin call and a substantial portion of their stock was liquidated.
According to securities attorney Lawrence L. Klayman, Esq. “Brokerage firms whose customers hold large, concentrated stock positions have a duty to ensure that their customers understand the risks associated with concentration and to recommend risk management strategies, which can be used to protect the value of the concentrated portfolio. A firm’s failure to recommend a strategy to manage risks associated with securities concentration or margin use is considered negligence, and is a basis for liability in a FINRA arbitration claim.”
Clovis Oncology Inc. filed for chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on December 11th, 2022. According to the filing, “unsecured noteholders” are owed more than $400,000,000. The filing also estimated Clovis’ assets to be in the range of $100 million to $500 million, with liabilities between $500 million and $1 billion. The bankruptcy comes following Clovis’ inability to effectively sell its only approved anti-cancer drug, Rubraca.
KlaymanToskes has pioneered the representation of investors who sustained losses as a result of holding concentrated positions in company stock, such as Microsoft, UPS, and Worldcom, in full-service brokerage accounts. The clients we have represented include founders of public companies, employees, and large investors across many industries who received company stock as compensation.
Many full-service brokerage firms have mismanaged clients’ concentrated portfolios through the failure to use risk management strategies as well as the failure to “hedge,” and failed to disclose the risks, including a potential loss of shares. A Financial Industry Regulatory Authority (“FINRA”) securities arbitration claim may be the most cost-effective and efficient solution for investors seeking to recover investment losses. This is in addition to the investors’ claims for compensation in the bankruptcy proceeding.
If you suffered losses investing in Clovis Oncology, Inc. in a full-service brokerage firm (excluding self-directed accounts), contact Lawrence L. Klayman, Esq. at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss your potential case today.
Under FINRA suitability requirements (FINRA Rule 2111) brokers and brokerage firms have a duty to recommend suitable financial products and trading strategies based on their client’s financial interests.
Concentration or “failure to diversify” is a securities violation which occurs when a financial advisor recommends a concentrated position or fails to recommend risk management strategies to protect an investor’s assets in one particular investment or class of investments. Concentrated investments are not suitable, as investors may suffer extreme losses as a result of a particular investment failing. Securities concentration and failure to diversify may also be considered unsuitable investment advice, negligence, and breach of fiduciary duty.
If you believe your broker or financial advisor may have failed to recommend risk management strategies to protect your concentrated or leveraged position in your account, contact attorney Lawrence L. Klayman, Esq. immediately at 888-997-9956 or at lklayman@klaymantoskes.com to discuss recovery options.
According to public record, JP Morgan Securities and Credit Suisse Securities acted as joint book-running managers for the offering, with Leerink Swann acting as co-manager. If you purchased Clovis Oncology investments at any of the above-mentioned brokerage firms or any other brokerage firm, contact our firm immediately.
Our experienced attorneys can explain how you may hold your brokerage firm liable for investment losses through a FINRA arbitration claim. Call our firm today at 888-997-9956 or visit us on the web at www.klaymantoskes.com for a free consultation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com