LOS ANGELES, Oct. 4, 2011 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the securities of Miller Energy Resources, Inc. ("Miller Energy" or the "Company") (NYSE: MILL), between December 16, 2009 and August 8, 2011, inclusive (the "Class Period"), have 7 days until the October 11, 2011 deadline to file a motion with the Court to be appointed as Lead Plaintiff. The case filed by Glancy Binkow & Goldberg LLP, Husu v. Miller Energy Resources, Inc., et al., No. 3:11-cv-00375, has been assigned to the Honorable Thomas A. Varlan, United States District Judge for the Eastern District of Tennessee.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
Miller Energy engages in the exploration and production of oil and natural gas resources in the United States. The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. On December 16, 2009 the Company announced it had acquired the former Alaskan assets of Pacific Energy Resources, including Alaskan oil and gas assets comprising onshore and offshore production facilities and approximately $300 million in proven or probable energy reserves. The Complaint alleges that throughout the Class Period defendants misrepresented and/or failed to disclose that: (1) the Alaskan assets acquired by the Company were substantially less than claimed by the Company; (2) the Company was inappropriately recording revenue on a gross basis for overriding royalty interests rather than recording revenue on a net basis; (3) the Company failed to record sufficient compensation expense on certain equity awards; (4) the Company did not properly calculate the liability for derivative instruments; (5) as a result of the above, the Company's financial statements were misstated; (6) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (7) the Company lacked adequate internal and financial controls; and (8), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Miller Energy securities between December 16, 2009 and August 8, 2011, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the October 11, 2011 deadline. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member.
If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.