Unfortuantly a lot of financial advisors would have made this mistake from their own inexperience and lack of market history. You probably won't be able to sue them as they likely used "common sense".
There in is the problem, the market dosn't behave with "common sense" and thus why prices fall beyond the floor and take out leveraged positions, defying all logical.
If I was to do it, stop losses would have been used on positions at higher levels or with a put ratio backspread in place as a safe gaurd positions.
