GMX Resources, Inc. (“GMX”) is an American oil and natural gas exploration and production company.

The case was originally filed in the District Court in and for Oklahoma County, Oklahoma, and transferred to the Federal Court on May 12, 2011.

According to the Complaint, Plaintiffs filed this putative class action on behalf of themselves and all others who acquired stock in GMX pursuant to GMX’s July 2008, May 2009, and October 2009 stock offerings. The Petition alleges, among other things, that the various offering materials for each of the stock offerings at issue “contained materially untrue statements” and that the offering materials “made untrue statements and material omissions during the relevant time period,” all in violation of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933. At all relevant times, GMX’s stock traded on the National Market System of the Nasdaq Stock Market, and in December 2009 GMX’s stock moved to the New York Stock Exchange.

On July 3, 2012, the Court issued an order appointing lead Plaintiffs and approving the selection of lead Counsel.

On August 17, 2012, the Plaintiffs filed an amended class action Complaint against the Defendants.

As of April 12, 2013, this case has been stayed due to a bankruptcy filing by the issuer Defendant.

On July 17, 2013, the parties filed a Stipulation dismissing Plaintiffs' claims in this action against GMX.

On September 16, 2013, the Court issued an order denying the Defendants' motions to dismiss.

This case was stayed pending mediation on September 26, 2013.