A settlement was reached in the lawsuit filed on behalf of certain investors of Miller Energy Resources Inc (NYSE: MILL) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on: March 6, 2015. NYSE: MILL investors should contact the Shareholders Foundation or send an email to firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 12/10/2014 -- A deadline is coming up on March 6, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Miller Energy Resources Inc (NYSE: MILL) between December 16, 2009 and August 8, 2011.
Investors who purchased a significant amount of shares of Miller Energy Resources Inc (NYSE: MILL) between December 16, 2009 and August 8, 2011, have certain options and should contact the Shareholders Foundation by email at email@example.com or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Miller Energy Resources Inc (NYSE: MILL) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/miller-energy-resources-inc-nyse-mill-investor-securities-class-action-lawsuit-08122011
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is March 6, 2015. The class action administrator for this case is Angeion Group.
The lawsuit was originally filed in in the 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.
Those who purchased shares of Miller Energy Resources Inc (NYSE: MILL) have certain options and should contact the Shareholders Foundation.
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