Have you suffered losses as a result of your investment in GMX Resources? If so, the White Law Group may be able to help you recoup some of your losses.
GMX is a oil and natural gas exploration and production company. According to The Motley Fool’s report, on March 11, 2013 GMX Resources filed for chapter 11 bankruptcy protection. Prior to filing bankruptcy, the report states that in 2012 GMX reported a “loss of $248.5 million on $74.4million gross revenues.”
Accoording to a press release, available at http://gmxresources.com/, two of the companies subsidiaries Diamond Blue Drilling Co. and Endeavor Pipeline Inc, also filed similar petitions in bankruptcy court. Furthermore, the press release announced that GMX Resource plans to terminate the registration of its securities with the Securities and Exchange Commission.
Oil and gas investments are speculative investments that carry a high degree of risk and are not appropriate for most investors. To determine if an investment is suitable for a client, broker dealers that sell oil and gas securities like GMX, must take into account a client’s age, investment experience, net worth, and investment objectives. To the extent that some brokerage firm failed to make appropriate investment recommendations, they may be held liable for any resulting losses in a FINRA arbitration claim.
If you suffered losses investing in GMX Resources or one of their subsidiaries, and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238.9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on the firm, visit www.WhiteSecuritiesLaw.com.