This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Branham Law, LLP Announces That A Lawsuit Has Been Filed Against GMX Resources, Inc. For Violations Of Securities Laws

Branham Law, LLP announces that a lawsuit has been filed by shareholders of GMX Resources (NYSE:GMXR) on behalf of purchasers of GMX offerings of July 17, 2008, May 13, 2009 and October 22, 2009. The suit alleges that GMX violated Federal Securities Laws.

If you purchased shares in any of these three offerings or have relevant information regarding this suit, you are urged to contact attorney Trey Branham at tbranham@branham-law.com or toll free at (855) 722-5910.

Our investigation and the lawsuit seeks to address concerns about whether certain current and/or former members of GMX Resources’ board of directors and certain executive officers were responsible for the alleged Securities Laws violations in the connection with the lawsuit filed by investors who purchased GMXR shares only pursuant or traceable to the company’s stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009.

From the terms of the lawsuit, it is alleged GMX Resources Inc violated the securities laws by issuing false financial statements to investors in the stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009.

Moreover, on March 11, 2010, GMX disclosed that its 2008 and quarterly 2009 financials were being restated due to inaccuracies. GMX went on to state that investors could no longer rely on its financial statements. According to the restated financials, the company’s net loss for fiscal year 2008 was $124.6 million. Originally the company had only reported a loss of $81.7 million.

Since January 2010, shares of GMX Resources Inc. have plummeted from $14.41 to recently $0.86 per share.



Copyright Business Wire 2010

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,493.37 -69.93 -0.42%
S&P 500 1,925.15 -5.52 -0.29%
NASDAQ 4,352.6390 -17.1340 -0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs