SOURCE: Brower Piven, A Professional Corporation

December 10, 2011 12:01 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in GMX Resources, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 3, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Dec 10, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Western District of Oklahoma on behalf of shareholders who otherwise acquired the common stock of GMX Resources, Inc. ("GMX" or the "Company") (NYSE: GMXR) pursuant or traceable to the Company's stock offerings on or about July 17, 2008, May 13, 2009 and October 22, 2009 (collectively, the "Offerings").

If you have suffered a net loss for all transactions in GMX Resources, Inc. common stock pursuant or traceable to the Company's Offerings, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above 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 and the Class, you must apply to be appointed lead plaintiff no later than February 3, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and 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.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact