The law firm is investigating Oil Well Service Co. (“Oil Well Service”), located in Santa Fe Springs, California, on behalf of its employees, over its Employee Stock Ownership Plan (“ESOP”). Oil Well Service offered its employees a retirement plan that was invested primarily in company stock. In 2013, Oil Well Service’s ESOP held $33 million in company stock.
Since 2013, the value of Oil Well Service stock has fallen drastically. The employees of Oil Well Service have suffered large losses to their retirement savings under this ESOP. The investigation concerns whether there were breaches of duties by the ESOP’s fiduciaries in their handling of the Oil Well Service stock held by the plan.
If you are or were an employee of Oil Well Service Co. of Santa Fe Springs, California, who had rights under the ESOP, and you wish to have your situation reviewed, please contact our firm for an evaluation. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.