GMX Resources Inc.
Robbins Umeda LLP Announces an Investigation of GMX Resources Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at GMX Resources Inc. (NYSE: GMXR). GMX operates as an independent oil and natural gas exploration and production company. The company was founded in 1998 and is headquartered in Oklahoma City, Oklahoma.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of GMX harmed the company by breaching their fiduciary duties to shareholders by issuing improper statements in connection with the Company’s public stock offerings on July 17, 2008, May 13, 2009, and October 22, 2009.
On March 11, 2010, GMX announced that its fiscal year 2008 and quarterly 2009 financial statements were inaccurate, should no longer be relied upon, and would be restated. 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.
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