National investment loss attorneys KlaymanToskes is currently investigating brokerage firms and financial advisors that recommended unsecured notes in Clovis Oncology, Inc. (OTCMKTS: CLVSQ). Clovis has filed for chapter 11 bankruptcy protection and its common stock has been delisted from the NASDAQ.
Affected investors are encouraged to contact KlaymanToskes immediately to discuss recovery options at 888-997-9956 or lklayman@klaymantoskes.com. All consultations are free and we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Clovis Oncology Inc. filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on December 11th, 2022. The company’s reasoning included 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. On December 29, 2022, NASDAQ filed a Form 25 and delisted Clovis Oncology’s common stock from trading on NASDAQ, which became effective at the opening of the trading session on January 9, 2023.
According to Clovis’ most recent Form 8-K filing, dated March 1st, 2023, the company and its other entities (Clovis UK and Clovis Ireland) each filed their monthly operating reports with the Bankruptcy Court for the reporting month ended January 31, 2023. The company’s monthly operating report, attached to its Form 8-K, reports Clovis Oncology’s total assets of $331,757,988 and total liabilities of $910,884,130, leaving the company with a negative ending equity/net worth of -$579,126,142.
According to public records, JP Morgan Securities, Credit Suisse Securities, BofA Securities and Leerink Swann acted as investment bankers for Clovis Oncology.
Investors that purchased unsecured notes in Clovis Oncology Inc. through JP Morgan Securities, Credit Suisse, BofA Securities, Leerink Swann, or any other full-service brokerage firm, may hold their firm and broker/financial advisor liable for their losses in a FINRA arbitration claim.
According to securities attorney Lawrence L. Klayman, Esq. “Before an investment is offered to customers, brokerage firms and their advisors have a responsibility to do due diligence on the investment. Financial advisors then have a responsibility to make suitable recommendations based on an investor’s risk tolerance, age, net worth, liquidity needs, and other important factors. Failure to do so is a basis for liability in a FINRA arbitration claim.”
Contact KlaymanToskes immediately to discuss recovery options for Clovis Oncology investments at 888-997-9956 or lklayman@klaymantoskes.com. All consultations are free and we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
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