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General Maritime Corp (OTC: GMRRQ) Investor Securities Class Action Lawsuit 06/12/2012

  • If you purchased shares of General Maritime Corporation (OTC: GMRRQ), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
General Maritime Corp
Security
OTC: GMRRQ

Case Name
General Maritime Shareholder Class Action 06/12/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 24, 2013 - The court ordered the case closed.
July 19, 2013 - The court granted the defendants' motion to dismiss.

January 15, 2013 - Defendants filed a motion to dismiss.

November 15, 2012 - The lead plaintiffs filed an amended consolidated complaint.

September 21, 2012 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

August 27, 2012 - Lead plaintiff motions were filed.

June 12, 2012 - An investor in shares of General Maritime Corporation (OTC: GMRRQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against certain of General Maritime Corporation's officers over alleged violations of Federal Securities Laws in connection with certain financial statements made prior to General Maritime Corporation’s bankruptcy between May 10, 2010 and November 16, 2011.

According to the complaint the plaintiff alleges on behalf of all persons who purchased the common stock of General Maritime Corporation (OTC: GMRRQ) between May 10, 2010 and November 16, 2011, that certain of General Maritime Corporation's officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements and allegedly omitting to state material facts that rendered their affirmative statements misleading as they related to the Company's financial performance, business prospects, and financial condition.

General Maritime Corporation (OTC: GMRRQ) reported that its annual Revenue rose from $326.07million in 2008 to $345.38million in 2011, however, its Net Income of $29.81million in 2008 turned into a Net Loss of $216.66million in 2010, respectively $152.70million in 2011.

On November 17, 2011, General Maritime Corporation (OTC: GMRRQ) announced that it had filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.

General Maritime Corporation stock traded between May 10, 2010 and November 16, 2011 as high as $7.87 per share on June 11, 2010.

Since then shares of General Maritime Corporation traded under OTC: GMRRQ as low as $0.0042 per share.