NEW YORK, Aug. 2, 2011 (GLOBE NEWSWIRE) — Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Miller Energy Resources, Inc. (“Miller Energy” or the “Company”) who purchased Miller Energy shares from March 22, 2010 through August 1, 2011. Such investors are advised to contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888-476-6529, ext. 350.
Miller Energy engages in the exploration, production, and drilling of oil and natural gas resources in the United States. The investigation pertains to the Company’s Audit Committee determination that certain of its previously issued financial statements for fiscal 2011 should not be relied upon.
On July 28, 2011, stock research analysts Melissa Davis and Janice Shell issued a report questioning the valuation of a 2009 acquisition by Miller Energy of certain Alaskan Oil and Gas assets, which Miller Energy valued on its books at about 9 million. Citing a number of sources, including interviews with industry experts, Shell and Davis asserted that Miller Energy had fraudulently overstated the value of the assets.
On August 1, 2011, Miller Energy stated that its Annual Report on Form 10-K , filed just three days earlier, should no longer be relied upon. On this news, shares of Miller Energy declined by .46 per share, or 10.43%, to close on August 1, 2011 at .95 per share on unusually heavy volume.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
rrboyle@pomlaw.com
http://bit.ly/mUfZg6
No comments:
Post a Comment