The White Law Group is investigating potential securities fraud claims on behalf of investors involving various broker-dealers' recommendation that investors purchase risky oil and gas partnerships like Reef Oil and Gas.
Reef Oil & Gas Partners L.P. operates as the general partner of Reef Oil and Gas Companies and engages in developing, exploiting, and producing oil and natural gas. It also operates wells to be drilled. The company was founded in 1987 and is based in Richardson, Texas.
Oil and gas partnerships involve substantial risks and are only appropriate for sophisticated investors.
Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor. It appears that many brokerage firms failed to perform the necessary due diligence with respect to oil and gas partnership investments like Reef prior to recommending them to their clients.
For more information on The White Law Group's investigation visit:
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.