SOURCE: Brower Piven, A Professional Corporation

August 19, 2011 15:45 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Miller Energy Resources, Inc. (f/k/a Miller Petroleum, Inc.) to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 11, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Aug 19, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of purchasers of the common stock of Miller Energy Resources, Inc. ("Miller" or the "Company") (NYSE: MILL) during the period between March 15, 2010 and August 1, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Miller Energy Resources, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 11, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's valuation of Alaskan assets acquired by the Company were substantially less than claimed by the Company; that the Company was inappropriately recording revenue on a gross basis for overriding royalty interests rather than recording revenue on a net basis; that the Company failed to record sufficient compensation expense on certain equity awards; that the Company did not properly calculate its liability for derivative instruments; that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and that, as a result of the foregoing and other undisclosed factors, the Company's financial statements were misleading. According to the complaint, after, on July 28, 2011, stock research analysts Melissa Davis and Janice Shell issued a report questioning the valuation of a 2009 acquisition by Miller of certain Alaskan Oil and Gas assets and asserting that Miller had fraudulently overstated the value of the assets, after, on August 1, 2011, Miller disclosed that its annual report on Form 10-K, filed just three days earlier should no longer be relied upon as the "10-K was filed with the SEC on July 29, 2011, prior to KPMG LLP completing its review of the annual report and issuing their independent accountants' report on the financial statements," and after, on August 9, 2011, Miller disclosed that for the fiscal quarters ended July 31, 2010 and October 31, 2010, it "failed to properly record depletion, depreciation and amortization expense related to leasehold costs, wells and equipment, fixed assets and asset retirement obligations and did not properly record the state tax credits expected from our Alaska operations" and that for the fiscal quarter ended January 31, 2011, the Company had "inappropriately recorded revenue on a gross basis for overriding royalty interests," the value of Miller stock declined significantly.

Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact