National investment loss attorneys KlaymanToskes continues investigating brokerage firms and brokers/investment advisors who made investment recommendations in Clovis Oncology, Inc. (OTCMKTS: CLVSQ) following Clovis’ Chapter 11 bankruptcy.
According to public records, JP Morgan Securities, Credit Suisse Securities, BofA Securities and Leerink Swann acted as investment bankers for Clovis Oncology. JP Morgan Securities and Credit Suisse acted as the offering’s lead managers.
Clovis Oncology’s unsecured noteholders are owed more than $400 million. Clovis cited its failure to efficiently market its anti-cancer medication, Rubraca, as a contributing factor to its bankruptcy filing.
If you suffered losses in Clovis Oncology due to unsuitable investment recommendations by your broker/advisor, 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.
According to Clovis Oncology’s recent Form 8-K SEC filing, on March 30, 2023, Clovis conducted an auction to sell certain assets and rights associated with Rubraca, its anti-cancer drug.
Pharma & Schweiz GmbH submitted the highest bid at the auction and entered into an asset purchase agreement to purchase Clovis’ Product Business for an upfront payment of $70 million. The agreement also includes an additional payment of up to $50 million upon the successful achievement of specified regulatory milestones, and $15 million in sales-related milestones.
The company’s most recent monthly operating report, for the period ending April 30, 2023, reported Clovis Oncology’s total assets of $229,526,555 and total liabilities of $920,691,037, leaving Clovis with a negative ending equity/net worth of -$564,021,041.
Unsecured noteholders who purchased investments 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.
Prior to offering an investment to their customers, brokerage firms and their advisors must conduct thorough research, or due diligence. Brokers and financial advisors have a duty to make recommendations that align with their customer’s risk tolerance, age, net worth, liquidity requirements, and other critical considerations.
Investors that suffered losses in Clovis Oncology may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or by email at 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