According to a settlement with the Securities and Exchange Commission (SEC), Obsidian Energy (OBE) will pay $8.5 million regarding a lawsuit filed on June 28th, 2017. The settlement is in relation to its 2014 restatement of certain financial results while it was known as Penn West Petroleum Ltd. If your broker recommended or sold you investments in Obsidian Energy, and you would like to speak to one of our attorneys about your options, please call our Chicago-based law firm today at 312-332-4200. Attorneys are standing by to take your call. We may be able to help you bring a claim against your brokerage firm in order to recover losses on a contingency fee basis. Your brokerage firm had a reasonable obligation to oversee and supervise its brokers, who must do their due diligence on all investments. Your broker must take into account your age, net worth, investment objectives and investment risk tolerance, among other factors, before recommending or selling any investment. If he does not, his brokerage firm may be held liable for losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum. Obsidian Energy can be an extremely high-risk and illiquid investment that is not suitable for all investors because of the drop in oil prices over the past years.
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