NEW YORK, Oct. 3, 2011 (GLOBE NEWSWIRE) -- Several class actions have been filed against Miller Energy Resources, Inc. (NYSE:MILL) ("Miller" or the "Company"), in the United States District Court for the Eastern District of Tennessee on behalf of purchasers of common stock. Based on the complaints, the longest class period is from December 16, 2009, through and including August 8, 2011 (the "Class Period").
The lawsuit alleges that throughout the Class Period, Miller, an oil and gas exploration, production, and drilling firm, and the other Defendants made materially false and misleading statements about Miller's financial results and the valuation of certain oil-and-gas-producing assets it acquired in Alaska from Pacific Energy Alaska Operating LLC and Pacific Energy Alaska Holdings, LLC. Specifically, the complaint alleges that Defendants (1) issued false and misleading consolidated balance sheets, statements of operations, and cash flows; (2) failed to properly classify royalty expenses; (3) failed to properly record sufficient compensation expense on equity awards; (4) failed to properly calculate the liability for derivative instruments; (5) did not properly consolidate entities under its control; and (6) improperly reported a value materially higher than actual value for certain Alaskan oil and gas assets. As a result of these problems, the Company was required to restate its financial results. Over a series of almost daily disclosures occurring on July 28, 2011, July 29, 2011, and August 1, 2011, Miller's stock price dropped from $7.04 per share on July 27, 2011, to a close of $3.37 per share on August 2, 2011, a total drop of $3.67 or 52%.
If you purchased Miller shares during the Class Period you may, no later than October 11, 2011, request that the court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in courts throughout the United States. Visit the the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, please contact the following attorneys:
Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: arado@milberg.com
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