San Diego, CA -- (SBWIRE) -- 01/30/2012 -- The Shareholders Foundation announces that an investor in GMX Resources shares filed a lawsuit on behalf of those who purchased GMX Resources securities only pursuant or traceable to the company’s stock offerings on July 17, 2008, May 13, 2009 and October 22, 2009, against GMX Resources Inc for allegedly violating Federal Securities Laws.
Investors who purchased 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, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
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 company’s 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.
Those who are current long term investors 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, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego