THIS IS AN ADVERTISEMENT.
NASHVILLE, Tenn., Aug. 17, 2011 (GLOBE NEWSWIRE) -- Tennessee based Barrett Johnston, LLC today announced that a class action has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of purchasers of Miller Energy Resources, Inc. ("Miller") (NYSE:MILL) publicly traded securities during the period between March 22, 2010 and August 1, 2011 (the "Class Period").
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from August 12, 2011. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Timothy L. Miles of Barrett Johnston, LLC at (615) 244-2202, Toll Free (866) 263-0668, or email tmiles@barrettjohnston.com, or our website http://www.barrettjohnston.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Miller and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Miller is an independent exploration and production company that utilizes seismic data and other technologies for geophysical exploration and development of oil and gas wells.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. As a result of defendants' false statements, Miller stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of $8.02 per share on July 15, 2011.
On July 28, 2011, TheStreetSweeper published an investigative report on Miller regarding the Company's relationship with several financial firms, highlighting potential accounting problems. Specifically, the report questioned the Company's purchase of abandoned assets in Alaska for $4.5 million, later fixing the value of those assets at more than $350 million on its books. On this news, Miller's stock dropped $1.64 per share to close at $5.40 per share on July 28, 2011. Then, on August 1, 2011, the Company filed a Form 8-K with the SEC disclosing that the Company would be issuing revised financial statements, particularly with respect to its statement of cash flows for the periods ended January 31, 2011, October 31, 2010 and July 31, 2010, pursuant to an investigation by the Company's Audit Committee. On August 2, 2011, Miller stock dropped another $0.58 per share, to close at $3.37 per share, the Company's lowest share price during the Class Period, and a decline of 58% from the Class Period high of $8.02 per share.
Plaintiff seeks to recover damages on behalf of all purchasers of Miller Energy publicly traded securities during the Class Period. The plaintiff is represented by Barrett Johnston, LLC based in Nashville, Tennessee.
THIS IS AN ADVERTISEMENT.