ATTENTION PENN NATIONAL GAMING EMPLOYEES/INVESTORS: KlaymanToskes Commences Investigation into Damages Sustained in Penn Nati...
May 07 2020 - 01:52PM
Business Wire
KlaymanToskes (“KT”), www.klaymantoskes.com, announced today
that it is investigating damages sustained by current and former
employees and investors of Penn National Gaming (NASDAQ:PENN) who
held large, unhedged concentrated positions in Penn National Gaming
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
Penn National Gaming 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 39.18 per share in February 2020, the price of
Penn National Gaming stock dropped to 3.75 on March 18, 2020, a
decline of more than 90%.
The sole purpose of this release is to investigate whether
strategies deployed by full-service brokerage firms were suitable
for Penn National Gaming employees and investors with concentrated,
leveraged stock positions. Penn National Gaming 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 (561) 542-5131, 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-penn-national-gaming-employees-investors
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version on businesswire.com: https://www.businesswire.com/news/home/20200507005876/en/
KlaymanToskes Lawrence L. Klayman, Esq., (561) 542-5131
lklayman@klaymantoskes.com www.klaymantoskes.com
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