Miller Energy Resources, Inc.
Robbins Umeda LLP Announces an Investigation of Miller Energy Resources, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Miller Energy Resources, Inc. (NYSE: MILL). Miller Energy engages in the exploration, production, and drilling of oil and natural gas resources in the United States. The company owns and leases land interests in Tennessee and Alaska. The company is headquartered in Huntsville, Tennessee.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Miller Energy harmed the company and investors by issuing materially false and misleading statements to investors that have damaged the company’s value and reputation. On July 28, 2011, a research report was released raising serious questions about Miller Energy’s relationship with several financial firms and suggesting that the company relied on a highly suspect overvaluation of its Alaskan oil assets. On this news, the company’s stock price dropped $1.64 to close at $5.40.
Then, on August 1, 2011, the Audit Committee of the Miller Energy’s Board announced that certain of the company’s previously issued financial statements for the first, second, and third quarters of fiscal year 2011, should not be relied upon and have since been restated. On this news, shares of Miller Energy declined by $0.46 cents per share, or 10.43%, to close on August 1, 2011, at $3.95 per share.
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