NOTICE TO UBS CLIENTS WHO PURCHASED REVERSE CONVERTIBLE NOTES: The Securities Law Firm of Klayman & Toskes, P.A. has Commence...
September 29 2016 - 12:48PM
Business Wire
The Securities Arbitration Law Firm of Klayman & Toskes,
P.A. (“K&T”), www.nasd-law.com, announced today that it has
commenced an investigation into UBS’ (NYSE:UBS) sales practices
regarding reverse convertible notes, in light of the $15 million
settlement UBS paid to the SEC.
These reverse convertible notes were derivative investments
which were tied to individual stocks. According to the SEC, these
notes were sold to more than 8,700 of UBS’s customers from 2011 to
2014, many of which were inexperienced and unsophisticated. The
notes were sold under a variety of different names such as:
Trigger Yield Optimization Notes
Trigger Autocall Optimization Securities
Trigger Phoenix Autocall Optimization
Securities
Airbag Yield Optimization Securities
Airbag Autocallable Yield Optimization
Notes
According to securities attorney Lawrence L. Klayman, “the scope
of our investigation is related to reverse convertible notes which
UBS sold to clients despite investment objectives and risk
tolerances that should have prohibited such investments from being
made.” Additionally, Mr. Klayman explains, “UBS failed to
adequately train and supervise its brokers in order to safeguard
unsophisticated, risk averse investors from buying these
unnecessarily risky reverse convertible notes.”
K&T is investigating UBS’ conduct with respect to unsuitable
recommendations, misrepresentations and omissions, and failure to
supervise. The investigation is focused on the adequacy of UBS’
supervisory system for the reverse convertible notes and the manner
in which UBS’ representatives solicited investors to purchase these
unsuitable investments.
The sole purpose of this release is to investigate the sales
practices of UBS in connection with the sale of reverse convertible
notes to their customers. Current and former customers of UBS who
purchased reverse convertible notes that have information relating
to the manner in which the firm represented these products, are
encouraged to contact Lawrence L. Klayman, Esq. or Raymond Gentile,
Esq. of Klayman & Toskes at (888) 997-9956, or visit our
website at www.nasd-law.com.
About Klayman & Toskes, P.A.
K&T 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. K&T has office
locations in California, Florida, New York and Puerto Rico.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160929006126/en/
Klayman & Toskes, P.A.Lawrence Klayman, Esq. or Raymond
Gentile, Esq., 888-997-9956www.nasd-law.com
UBS (NYSE:UBS)
Historical Stock Chart
From Mar 2024 to Apr 2024
UBS (NYSE:UBS)
Historical Stock Chart
From Apr 2023 to Apr 2024