NPR Obtains Settlement for Investors in GMX Resources
August 14, 2014
NPR brought this action on behalf of Northumberland County Retirement Systems and other purchasers or acquirers of GMX common stock, asserting claims for alleged violation of federal securities laws against GMX Resources Inc., and certain individual and underwriter defendants. Defendants filed motions to dismiss, which were hard-fought and fully briefed by NPR. During the pendency of GMX’s motions to dismiss the case, GMX filed for Chapter 11 bankruptcy and the claims against GMX were dismissed by stipulation. The Court denied the remaining defendants’ motions to dismiss. Following the Court’s denial of the defendants’ motions to dismiss, the parties reached a settlement of $2.7 million on behalf of the class of investors.
NPR’s complex litigation team—partners Jeff Angelovich, Brad Beckworth and Susan Whatley and associates Lisa Baldwin, Trey Duck and Drew Pate—led the prosecution of this case.