NEW YORK, Aug. 08, 2022 (GLOBE NEWSWIRE) — KlaymanToskes (“KT”) announces an investigation on behalf of BIGZ investors who sustained substantial losses from the purchase of BlackRock Innovation and Growth Trust (“BIGZ”) BIGZ, a closed-end fund (“CEF”). On April 16, 2021, days after its IPO, BIGZ reached an all-time high of $23.05. Today, BIGZ closed at $9.22 which represents a 60% decline from its high last year. This product may have been marketed and sold to investors who were risk averse, such as retirees or other conservative investors, and were not explained the potential risks. Full-service brokerage firms that may have sold this product include Morgan Stanley, Merrill Lynch, UBS, Raymond James, and RiverNorth.
Under Rules established by the Financial Industry Regulatory Authority (“FINRA”), brokerage firms have an obligation to make only suitable recommendations and to fully disclose all risks associated with a recommended product. Moreover, brokerage firms have a duty to conduct a reasonable investigation of the issuer and the securities they recommend before approving them for sale to their customers. Investors may seek damages in FINRA arbitration if a financial advisor made a recommendation to purchase a security without fully explaining the risks or that was unsuitable for the investor’s risk profile.
BIGZ investors who sustained losses in excess of $100,000 can contact us to discuss our investigation and for a no obligation, free consultation. We can be reached at 888-997-9956.
KlaymanToskes 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 has recovered more than $230 million in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.