Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoings at GMX Resources Inc. (“GMX” or the “Company”) (NYSE: GMXR). Faruqi & Faruqi, LLP seeks to determine whether GMX and its investment bankers, including Jefferies & Company, Inc, Howard Weil Incorporated, Morgan Keegan & Co., Inc., Capital One Southcoast, Inc., Collins Stewart LLC, Pritchard Capital Partners, LLC, Tudor Pickering, Holt & Co. Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, BBVA Securities Inc., Fortis Securities LLC, Wedbush Morgan Securities Inc., and Credit Suisse Securities (USA) LLC, have violated the federal securities laws in connection with GMX’ July 17, 2008, May 13, 2009, and October 22, 2009 stock offerings and statements to the Company’s shareholders.
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On March 11, 2010, GMX announced that its fiscal year 2008 and quarterly 2009 financial statements were inaccurate and “should no longer be relied upon.” GMX subsequently restated its financial statements to correct the method used to record full cost pool impairment charges, other impairment charges, and related deferred income taxes. As a result of the restatement, the Company’s net loss for fiscal year 2008 was $124.6 million as compared to the originally reported $81.7 million.
Take ActionIf you purchased GMX securities in the Company’s July 17, 2008, May 13, 2009, and October 22, 2009 stock offerings and would like to discuss your legal rights, visit www.faruqilaw.com/GMXR. You can also contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an email to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding GMX’ conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.