WILMINGTON, Del., March 15, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Miller Energy Resources, Inc. (OTC PINK: MILLQ, formerly NYSE: MILL)?
- Did you purchase your shares pursuant and/or traceable to the September 6, 2012 Registration Statement and Prospectuses, or between September 6, 2012 and April 29, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Eastern District of Tennessee on behalf of all persons or entities that purchased the common stock of Miller Energy Resources, Inc. (“Miller Energy” or the “Company”) (OTC PINK: MILLQ, formerly NYSE: MILL) pursuant and/or traceable to the September 6, 2012 Registration Statement and Prospectuses, or during the period of September 6, 2012 and April 29, 2015, inclusive (the “Class Period”) alleging violations of the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 against certain of the Company’s officers, and the Company’s auditors.
If you purchased shares of Miller Energy pursuant and/or traceable to the September 6, 2012 Registration Statement and Prospectuses, or during the period of September 6, 2012 and April 29, 2015, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/miller-energy-resources-inc-millq-mill.
The Complaint alleges that throughout the Class Period, and in the Registration Statement and Prospectuses issued, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public: (1) that Miller Energy, members of Miller Energy’s senior management, Board of Directors, and Audit Committee repeatedly made false and misleading statements relating to Miller Energy’s business and financial condition and the value of its assets, and violated GAAP in reporting and accounting for Miller Energy’s assets, liabilities, revenues, expenses, net income and cash flow, which artificially-inflated the price of Miller Energy’s common stock during the Class Period; and (2) Miller Energy’s auditors, first Sherb & Co., LLP, who served as Miller Energy’s independent registered public accounting firm from August 2008 until February 2011, and later KPMG, LLP, committed a litany of errors and did little else but rubber-stamp Miller Energy management’s gross over-valuations of the Alaska Assets, certifying Miller Energy’s false and misleading financial statements and rendering unqualified opinions that those statements were fairly presented, in all material respects. As a result of defendants’ alleged false and misleading statements, the price of Company’s stock was artificially inflated.
According to the Complaint, on December 10, 2014, Miller Energy disclosed that it was taking a $265.3 million impairment charge on the Alaska Assets, specifically the Redoubt Shoal field. Then, on March 12, 2015, Miller Energy disclosed that it was taking another $150 million impairment charge on the Alaska Assets.
Finally, on April 29, 2015, Miller Energy disclosed that the SEC had notified the Company that the agency staff had made a preliminary determination to recommend civil action against Miller Energy related to its accounting for the 2009 Alaska Asset acquisition.
On this news, shares in Miller Energy dropped over 21%, closing at $0.73 on April 30, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, please contact Timothy J. MacFall or Peter Allocco as shown below. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Attorney advertising. Prior results do not guarantee a similar outcome.