updated 10/17/2010 4:45:26 PM ET 2010-10-17T20:45:26

NEW YORK, Oct. 16, 2010 (GLOBE NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, P.A. ("K&T") ( http://www.nasd-law.com ), representing numerous aggrieved investors throughout the nation, advises that all Provident and Shale Royalties investors who did not submit their ballot for accepting or rejecting the Fourth Amended Consolidated Plan of Liquidation were automatically opted out from assigning their rights to the PR Liquidating Trust. Accordingly, these investors may still pursue an individual securities arbitration claim against the brokerage firm that sold them their Provident or Shale investment. Eligible voters who received the ballot were given until May 28, 2010 to submit the ballot. However, voters who did not timely submit the ballot were deemed to have exercised the opt-out election. K&T strongly encourages voters who did not submit their ballot, who purchased Provident or Shale Royalties from a full-service brokerage firm and FINRA member, and sustained damages of $200,000 or more, to consider filing an individual arbitration claim.

Under NASD Rules, brokerage firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings made under the SEC's Regulation D under the Securities Act of 1933, also known as private placements. Provident and Shale Royalties securities were private placements. Regulation D provides exemptions from the registration requirements of Section 5 under the Act. Regulation D transactions, however, are not exempt from the antifraud provisions of the federal securities laws. A brokerage firm has a duty—enforceable under federal securities laws and FINRA rules—to conduct a reasonable investigation of securities that it recommends, including those sold in a Regulation D offering. Failure to comply with this duty gives rise to an individual cause of action against the brokerage firm who sold the product to the customer.

Provident and Shale Royalties investors who did not submit their ballot for accepting or rejecting the Fourth Amended Consolidated Plan of Liquidation can contact K&T to explore their legal rights and options. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.

If you sustained losses of $200,000 or more in Provident or Shale Royalties and did not submit a ballot for accepting or rejecting the Fourth Amended Consolidated Plan of Liquidation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, to discuss your legal options, or visit us on the web at http://www.nasd-law.com.

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