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LAWSUITS NEWS & LEGAL INFORMATION

General Maritime Corp, GMRRQ Securities Lawsuit


Company: General Maritime Corp,
Ticker Symbol: GMRRQ
Class Period: May-21-10 to Nov-16-11
Date Filed: Jun-27-12
Lead Plaintiff Deadline: Aug-26-12
Court: Southern District of New York
Allegations:
New York, NY: A securities class action lawsuit has been filed in the United States District Court, Southern District of New York, on behalf of all persons who purchased the common stock of General Maritime Corp. ("GMR" or the "Company") between May 21, 2010 and November 16, 2011, inclusive (the "Class Period"), against certain of the Company's officers, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. 240.10b-5] (the "Class").

During the Class Period, GMR issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company's financial performance, business prospects, and financial condition. As a result of these materially false and misleading statements, the price of the Company's securities was artificially inflated during the Class Period. As the truth of the Company's materially false and misleading statements entered the market, the Company's stock plummeted.

The complaint alleges that Defendants continually made false and materially misleading statements and omissions during the Class Period concerning the Company's: liquidity; credit facilities; ability to meet its debt obligations; need to borrow money or seek alternative investments; and risk of not continuing as a going concern.

The complaint further alleges that Defendants' scheme was to engage in a highly leveraged and speculative purchase of tankers - at the risk and expense of shareholders - based on management's opinion that tanker earnings would improve sharply. When tanker earnings actually declined, Defendants issued repeated false and misleading statements about GMR's liquidity and financial ability to take on the purchase of the tankers, in order to ensure that the Company's stock would trade at inflated levels until the tanker earnings rebounded in their favor.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

General Maritime Corp, GMRRQ Securities Fraud Legal Help

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Published on Jun-28-12


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