CASES
Miller Energy Resources, Inc.
Class Period: Mar 15, 2010 to Aug 1, 2011
Lead Plaintiff Deadline: Oct 11, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Miller Energy Resources, Inc. (f/k/a Miller Petroleum, Inc.) (the "Company") on behalf of all those who purchased the securities of the Company between March 15, 2010 to August 01, 2011. This case has been filed in the USDC - Tennessee (Eastern).
The Complaint alleges that Defendants misrepresented and/or failed to disclose that: (1) the value of the Alaskan assets acquired by the Company were substantially less than claimed; (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) the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (6) the Company lacked adequate internal and financial controls; and (7), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, plaintiff and other Class members have suffered significant losses and damages.
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.