Faruqi & Faruqi, LLP Announces Investigation of Miller Energy Resources, Inc. (MILL)
Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Miller Energy Resources, Inc. (“Miller Energy” or the “Company”) (NYSE: MILL). Faruqi & Faruqi, LLP seeks to determine whether Miller Energy violated federal securities laws in connection with statements made to the Company’s shareholders.
The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) the Company overstated the value of the former Alaskan assets of Pacific Energy Resources acquired by Miller Energy; (2) the Company lacked adequate internal and financial controls; and (3) the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”).
On July 28, 2011, a report published on TheStreetSweeper called into question the Company’s valuation of the Alaskan assets. On this news the share price of Miller Energy common stock plummeted $2.63 or more than 37% to close at $4.41 on July 29, 2011. Then on August 1, 2011, the Company disclosed that its recently filed Form 10-K should no longer be relied upon, stating that the annual report had been filed with the SEC prior to “KPMG, LLP completing its review and issuing their independent accountants’ report on the financial statements.”
If you purchased Miller Energy securities between December 16, 2009 and August 8, 2011, and you would like to discuss your legal rights, you can contact us by calling Anthony Vozzolo toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Miller Energy’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.