General Maritime Corp (OTC:GMRRQ) Investor Files Class Action Lawsuit Over Alleged Securities Laws Violations
June 28, 2012 (Shareholders Foundation) -- An investor in General Maritime Corp (OTC:GMRRQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against certain of General Maritime's officers over alleged violations of Federal Securities Laws in connection with certain financial statements made prior to General Maritime Corp’s bankruptcy.
According to the complaint the plaintiff alleges on behalf of all persons who purchased the common stock of General Maritime Corp (OTC:GMRRQ) between May 10, 2010 and November 16, 2011, that certain of General Maritime's officers violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements and allegedly omitting to state material facts that rendered their affirmative statements misleading as they related to the Company's financial performance, business prospects, and financial condition.
General Maritime Corp (OTC:GMRRQ) reported that its annual Revenue rose from $326.07million in 2008 to $345.38million in 2011, however, its Net Income of $29.81million in 2008 turned into a Net Loss of $216.66million in 2010, respectively $152.70million in 2011.
On November 17, 2011, General Maritime Corp (OTC:GMRRQ) announced that it had filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.
General Maritime stock traded between May 21, 2010 and November 16, 2011as high as $7.87 per share on June 11, 2010.
Since then shares of General Maritime Corp traded under OTC:GMRRQ as low as $0.0042 per share.