Branham Law, LLP
announces that a lawsuit has been filed by shareholders of
(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
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.