ATTENTION OCCIDENTAL PETROLEUM EMPLOYEES/INVESTORS: KlaymanToskes Commences Investigation Into Damages Sustained in Occidental Petroleum Stock Held With Full-Service Brokerage Firms During Coronavirus Pandemic

HOUSTON--(BUSINESS WIRE)--KlaymanToskes (“KT”), www.klaymantoskes.com, announced today that it is investigating damages sustained by current and former employees and investors of Occidental Petroleum Corporation (NYSE:OXY) (“Occidental Petroleum”) who held large, unhedged concentrated positions in Occidental Petroleum stock and/or received margin calls resulting in the forced sale of stock. The recent losses were the result of unsuitable advice during the Coronavirus (“COVID-19”) pandemic. The investigation focuses on full-service brokerage firms’ negligence and failure to supervise the management of concentrated, leveraged positions in Occidental Petroleum stock.

Investment portfolios holding large, concentrated stock positions carry significant downside risks, especially when leveraged by a margin loan. Full-service brokerage firms whose customers hold large concentrated stock positions have a duty to ensure that their customers understand the risks associated with concentration and to disclose and recommend the availability of risk management strategies. The failure to use risk management strategies as well as the failure to “hedge” the value of a concentrated portfolio directly exposes an investor’s concentrated position to fluctuations in the volatile securities markets. Since trading as high as 60.73 per share in May 2019, the price of Occidental Petroleum stock dropped to 9.00 on March 18, 2020, a decline of more than 85%.

The sole purpose of this release is to investigate whether strategies deployed by full-service brokerage firms were suitable for Occidental Petroleum employees and investors with concentrated, leveraged stock positions. Occidental Petroleum shareholders who held accounts at full-service brokerage firms, and have information relating to the manner in which the firm handled their concentrated, leveraged portfolios are encouraged to contact Lawrence L. Klayman, Esq., at [phone], and download our Special Investor Report.

About KlaymanToskes

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.

Destination: https://klaymantoskes.com/attention-occidental-petroleum-employees-investors