San Diego, CA -- (SBWIRE) -- 08/28/2012 -- Certain officers and directors of GMX Resources Inc. face an investigation on behalf of investors in shares of GMX Resources Inc. (NYSE:GMXR), who purchased their NYSE:GMXR shares in the public offerings on July 17, 2008, May 13, 2009 and October 22, 2009, in connection with certain financial statements.
Investors who purchased shares of GMX Resources Inc. (NYSE:GMXR) in its stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm follows a lawsuit filed earlier this year against GMX Resources Inc. over alleged Securities Laws Violations. The plaintiff alleges that the defendants violated Federal Securities Laws, Sections 11, 12(a)(2), and 15 of the Securities Act of 1933, by issuing a series of alleged material misrepresentations and omissions made in its offering materials relating to GMX Resources’ stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009 to the market which had the effect of artificially inflating the market price.
In March 2010, GMX Resources Inc had to disclose 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 company’s net loss for fiscal year 2008 was $124.6 million as compared to the originally reported $81.7 million.
The investigation by a law firm concerns 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 and breached their fiduciary duties owed to NYSE:GMXR stockholders.
Shares of GMX Resources Inc. (NYSE:GMXR) fell from $14.41 on January 4 2010 to as low as $0.72 per share on June 26, 2012.
On August 27, 2012, NYSE:GMXR shares closed at $0.86 per share.
Those who purchased shares of GMX Resources Inc. (NYSE:GMXR) in its stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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