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GMX Resources Sued by Shareholders

Naples, FL: A securities fraud lawsuit has been commenced against GMX Resources in the US District Court for the Western District of Oklahoma alleging violations of securities laws on behalf of common stock shareholders of GMX Resources ("GMX" or the "Company") 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"). GMX is a "pure play" independent oil and natural gas exploration and production company.

The Complaint charges GMX with failing 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 contained untrue statements, material omissions, and were not prepared in accordance with Generally Accepted Accounting Principles. According to the complaint, on March 11, 2010 the value of GMX shares declined significantly as a result of the Company disclosing that its full year 2008 and quarterly 2009 financial statements should no longer be relied upon and would need to be restated.

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Last updated on Jan-30-12