ATTENTION WELLS FARGO CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000
KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of investors with Wells Fargo & Company (NYSE:WFC) accounts who sustained losses from investments in the Energy Sector, High Yield Debt, and investments tied to the Alerian MLP Index, including Master Limited Partnerships (“MLPs”), Exchange Traded Funds (“ETFs”), Exchange Traded Notes (“ETNs”), and Business Development Companies (“BDCs”). These investments may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks.
Investments in Oil & Gas are historically risky during times of volatility and/or reduced demand. These risks should be explained by financial advisors prior to recommending these investments. Recently, due to the Coronavirus (“COVID-19”) pandemic, Oil & Gas Investments have undergone a precipitous decline, causing investors significant losses. Investors may seek damages for violations of sales practice rules and regulations in FINRA Arbitration if they were recommended any of the following Oil & Gas investments:
Magellan Midstream Partners LP (MMP)
Enterprise Products Partners LP (EPD)
MPLX LP (MPLX)
Tallgrass Energy LP (TGE)
Energy Transfer LP (ET)
Plains All American Pipeline LP (PAA)
Phillips 66 Partners LP (TCP)
TC PipeLines LP (TCP)
EQM Midstream Partners LP (EQM)
Shell Midstream Partners LP (SHLX)
Chevron Corp (CVX)
Exxon Mobil Corp (XOM)
Phillips 66 (PSX)
EOG Resources Inc (EOG)
Kinder Morgan Inc (KMI)
Schlumberger Ltd. (SLB)
Valero Energy Corp. (VLO)
Williams Companies Inc. (WMB)
Marathon Petroleum Corp (MPC)
The sole purpose of this release is to investigate whether Wells Fargo’s recommendations to buy Oil & Gas investments were suitable for investors. Investors with Wells Fargo accounts that have information relating to the manner in which the firm handled their portfolios, are encouraged to contact the attorneys of KlaymanToskes at (561) 542-5131, or visit our firm’s website at www.klaymantoskes.com.
About Klayman & Toskes, P.A.
KT is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. KT has office locations in California, Florida, New York, and Puerto Rico.
Copyright Business Wire 2020