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Press release content from Business Wire. The AP news staff was not involved in its creation.

ATTENTION CUSTOMERS OF JOSEPH IJONG CHU– KlaymanToskes Continues to Investigate Sales Practices of Former Merrill Lynch and Current RBC Cap. Mkts Broker Concerning Losses in California Resources Corp., Denbury Resources, Inc., and Whiting Petroleum

July 9, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Jul 9, 2021--

KlaymanToskes (“KT”), a national securities law firm, continues to investigate the sales practices of former Merrill Lynch and current RBC Capital Markets broker, Joseph Ijong Chu (“Chu”), concerning his handling of discretionary accounts and concentration in Energy sector securities. The concentrated investments include California Resources Corporation (NYSE: CRC), Denbury Resources, Inc. (NYSE: DEN), and Whiting Petroleum Corporation (NYSE: WLL). These companies declared Chapter 11 bankruptcy in 2020, and have since restructured.

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According to FINRA BrokerCheck, there are pending FINRA arbitration claims involving Chu’s unsuitable recommendations and/or overconcentration in the Energy sector while employed by Merrill Lynch and/or RBC Capital Markets. One claim seeks $1,600,000 contending that Chu recommended unsuitable investments in oil-producing, industrial metals, and materials stocks leading to an overconcentration while another claim seeks $367,452 in damages relating to Chu’s discretionary purchase of single company stocks in almost all in oil and gas or energy sectors.

According to securities attorney Lawrence L. Klayman, “advisors with discretion must monitor account holdings and the account progress to determine if a given investment/strategy remains suitable for an investor. It is then part of a firm’s supervisory role to review discretionary accounts to determine if they are properly managed.”

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The sole purpose of this release is to investigate the sales practices of Joseph Chu and his handling of discretionary accounts and concentrated positions in Energy sector securities. Former and current customers of Chu at Merrill Lynch/RBC Capital Markets who have information relating to the management and supervision of your accounts serviced by Chu, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.

About Klayman Toskes

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. KT has recovered more than $220 million for investors in arbitration and more than $300 million as counsel in investor class actions. KT has office locations in California, Florida, New York, and Puerto Rico.

Destination: https://klaymantoskes.com/joseph-chu-losses-in-california-resources-corporation-denbury-resources-inc-and-whiting-petroleum/

View source version on businesswire.com:https://www.businesswire.com/news/home/20210709005417/en/

CONTACT: KlaymanToskes

Lawrence L. Klayman, Esq.

(561) 542-5131

lklayman@klaymantoskes.com

www.klaymantoskes.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: KlaymanToskes

Copyright Business Wire 2021.

PUB: 07/09/2021 01:58 PM/DISC: 07/09/2021 01:58 PM

http://www.businesswire.com/news/home/20210709005417/en