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GMX Resources Inc. Under Long Term Investor Investigation

  • If you are a current long term investor in shares of GMX Resources Inc. (NYSE:GMXR) behalf including those who purchased their GMXR shares during 2008 and 2009 and continue to hold those shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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

Investigation Overview

Company
GMX Resources Inc.
Security
NYSE: GMXR

Summary

An investor in GMX Resources shares filed a lawsuit on behalf of those who purchased GMX Resources securities only pursuant or traceable to the companys stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009, against GMX Resources Inc for allegedly violating Federal Securities Laws.

Meanwhile an investigation on behalf of current long term investors in GMX Resources Inc. (NYSE:GMXR) including also those who purchased their NYSE:GMXR shares in 2008 and 2009 and continue to hold those shares was announced.

The investigation by a law firm on behalf of current long term investors in stocks of GMX Resources Inc. (NYSE:GMXR) concerns whether certain current and/or former members of GMX Resources board of directors and certain executive officers can be held liable in connection with the alleged Securities Laws violations in the lawsuit filed by investors who purchased GMXR shares only pursuant or traceable to the companys stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009.

According to the complaint the plaintiff alleges that 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.
On March 11, 2010, the company disclosed that its full year 2008 and quarterly 2009 financial statements were inaccurate and must be restated. The company also announced that investors could no longer rely on its financial statements. GMX subsequently restated its financial statements to correct for the method used to record full cost pool impairment charges and related deferred income taxes. As a result of the restatement, the companys net loss for fiscal year 2008 was $124.6 million as compared to the originally reported $81.7 million.
While GMX Resources annual Total Revenue increased from $67.88million in 2007 to $96.52million in 2010 its Net Income fell within the same time frame from $16.89million in 07 to $141.41million in 2010.

Shares of GMX Resources Inc. fell from $14.41 on January 4 2010 to recently $4.56 per share.

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