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Miller Energy Resources Inc (NYSE: MILL) Investor Securities Class Action Lawsuit 08/12/2011

  • If you purchased shares of Miller Energy Resources Inc (NYSE: MILL), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Miller Energy Resources, Inc
Security
NYSE: MILL

Case Name
Miller Energy Resources Shareholder Class Action Lawsuit 08/12/2011
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
miller_energy_resources_inc_settlement_notice_11_2014.pdf
Settlement Proof
miller_energy_resources_inc_settlement_proof_11_2014.pdf
Filed Complaint
miller_energy_resources_inc_original_filing_edited_8_2011.pdf
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Summary

February 3, 2015 - The court held a final settlement hearing and approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses and dismissed the action with prejudice.
October 8, 2014 - The court preliminarily approved the settlement.

October 1, 2014 - Parties filed a stipulation of settlement.

February 4, 2014 - The court denied the defendants' motion to dismiss and granted an individual defendant's motion to dismiss as a party to the action.

July 6, 2012 - The defendants' filed motions to dismiss.

May 14, 2012 - The lead plaintiff filed a corrected amended consolidated complaint.

May 4, 2012 - The lead plaintiff filed an amended consolidated complaint.

March 8, 2012 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

December 15, 2011 - The first plaintiff filed a notice of voluntary dismissal without prejudice.

October 11, 2011 - Lead plaintiff motions were filed.

August 16, 2011 - Another investor filed a complaint.

August 12, 2011 - An investor in shares of Miller Energy Resources Inc (NYSE: MILL) filed a lawsuit in U.S. District Court for the Eastern District of Tennessee against Miller Energy Resources Inc f/k/a/ Miller Petroleum Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 15, 2010, and August 1, 2011.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the securities of Miller Energy Resources Inc (NYSE: MILL) between March 15, 2010, and August 1, 2011, that Miller Energy Resources Inc f/k/a/ Miller Petroleum Inc and certain of its executive officers violated federal securities laws.

On December 16, 2009 Miller Energy Resources Inc 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. On July 28, 2011, a report posted on TheStreetSweeper.com questioned Miller Energy Resources’ valuation of the Alaskan oil and gas assets and opined that the assets likely had a value between $25 million and $30 million, offset by $40 million in liabilities. The share price of NYSE: MILL declined more than 23% on July 28, 2011, and a further 18% the next day, to close at $4.41 per share on July 29, 2011.

After the market close, Miller Energy Resources filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (“SEC”) for Miller Energy Resources' 2011 fiscal year, and restated its unaudited consolidated balance sheets as of July 31, 2010, October 31, 2010 and January 31, 2011 and its unaudited consolidated statements of operations and cash flows for the quarterly and year to date periods then ended.

Then on August 1, 2011, Miller Energy Resources Inc announced that its Audit Committee of the Board of Directors of Miller Energy Resources Inc determined that our consolidated balance sheet at April 30, 2011, and our consolidated statements of operations, stockholders’ equity and cash flows for the year then ended, as well as the report of KPMG LLP dated July 29, 2011 on such statements, all as included in our 2011 10-K, should not be relied upon.
Miller Energy Resources Inc also said that its Audit Committee of the Board of Directors of Miller Energy Resources Inc determined that our unaudited consolidated balance sheets at January 31, 2011, October 31, 2010 and July 31, 2010 and our unaudited consolidated statements of operations and cash flows for the quarterly and year to date periods then ended, could no longer be relied upon as a result of errors in those financial statements.

The same day Miller Energy Resources Inc issued a letter to shareholders from the Chief Executive Officer also addressing allegations in an article dated July 28, 2011 posted on TheStreetSweeper.com.

Shares of Miller Energy Resources Inc (NYSE: MILL) fell from over $8 in mid-July 2011 and fell to as low as $2.05 during August 9, 2011.

miller_energy_resources_inc_original_filing_edited_8_2011.pdf