Gilman Law Announces Lead Plaintiff Deadline for GMX Resources Class Action Securities Fraud Lawsuit
The Naples Florida office of Gilman Law LLP, a leading national securities law firm, is actively investigating securities fraud allegations in a class action securities fraud lawsuit against GMX Resources (“GMX” or the “Company”) and certain of its officers and directors alleging violations of the Securities Exchange Act of 1934, for issuing materially false or misleading information to investors regarding the Company’s stock offerings on or about July 17, 2008, May 13, 2009, and October 22, 2009. GMX Resources, Inc. (NYSE:GMXR) is a “pure play” independent oil and natural gas exploration and production company, which is focused on the development of unconventional Haynesville/Bossier Shale and Cotton Valley Sands in the Sabine Uplift of the carthage, North Field of Harrison and Panola counties of East Texas. In this context, “pure play” refers to the Company allegedly devoting all of its business to drilling for and producing oil and natural gas in one core area.
The Court has not appointed a lead plaintiff yet and the class has yet been certified in this action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you in this matter, you must apply to be appointed lead plaintiff no later than February 3, 2012 and be selected by the Court. The lead plaintiff will have the ability to participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company’s failure to disclose in connection with the Company’s stock offerings on or about July 17, 2008, May 13, 2009 and/or October 22, 2009 that the Company had incorrectly accounted for certain impairment charges and deferred income taxes and that the Company lacked adequate internal and financial controls such that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles and contained untrue statements and material omissions at all relevant times. According to the complaint, after, on March 11, 2010, the Company disclosed that its full year 2008 and quarterly 2009 financial statements should no longer be relied upon and would need to be restated, the value of GMX shares declined significantly.
How To Join The GMX Resources Class Action Securities Fraud Lawsuit
If you purchased or otherwise acquired GMX Resources stock (NYSE:GMXR) pursuant or traceable to the IPO, and either lost money on the transaction or still hold the shares, please contact the securities law firm of Gilman Law LLP by February 3, 2012, to discuss your rights to recovery of your losses or to obtain additional information. If you wish to join the GMX Resources class action lawsuit, please CALL TOLL FREE at (888) 252-0048.
About The Leading National Securities Law Firm Gilman Law LLP
The leading national securities law attorneys at Gilman Law have over 35 years of combined experience litigating securities and other class action cases, and have been involved in all major aspects of securities litigation. The leading national securities law firm of Gilman Law focus on cases involving stock manipulation, securities fraud, investment fraud, and shareholder rights violations. The securities lawyers at Gilman Law also have extensive experience representing both individual and institutional investors in securities class action suits. The national securities law firm of Gilman Law has recovered over a billion dollars for its clients and can help you recover any losses that you have incurred as a result of GMX Resources’ fraudulent practices.