Ultra Petroleum Corp. filing for bankruptcy protection for the second time in four years.
The Sonn Law Group is investigating whether brokers unsuitably recommended UPLC investments despite their high degree of risk. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Ultra Petroleum Corp. (UPLC), a Houston-based company, filed for Chapter 11 bankruptcy protection on May 14, 2020. Their restructuring plan will reportedly eliminate approximately $2 billion in debt from its balance sheet. This is the second time UPLC has filed for bankruptcy in four years. The Sonn Law Group is investigating whether brokers unsuitably recommended these investments despite their high degree of risk.
UPLC reportedly engages in the development, production, operation, exploration, and acquisition of oil and natural gas properties. The company focuses on developing a tight gas sand trend located in the Green River Basin of SW Wyoming. Additionally, UPLC spent time assessing, exploring, and developing its position in the Marcellus Shale and other horizons located in the Appalachian Basin area of Pennsylvania.
Shares for UPLC will be canceled on the plan’s effective date, but shares are expected to be traded until that date with no payment for releases. UPLC’s stock is down -97.36% in the past 12 months, according to MarketWatch.
Investments in the energy sector, such as those in UPLC, are typically high-risk investments. The energy market has seen substantial losses in recent years due to the declining cost of oil and other energy commodities. The Sonn Law Group is investigating the liability that FINRA registered brokerage firms may have for improperly recommending high-risk energy investments to their clients.
Contact Sonn Law to Discuss Recovery Options
If you suffered losses investing in Ultra Petroleum Corp., we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.