SOURCE: Izard Nobel LLP

August 23, 2011 17:04 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Miller Energy Resources, Inc.

WEST HARTFORD, CT--(Marketwire - Aug 23, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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) between December 16, 2009 and August 1, 2011, inclusive (the "Class Period").

The Complaint charges that Miller, an oil and gas exploration, production and drilling firm, and certain of its officers and directors violated the federal securities laws by issuing material false statements. Specifically, the Complaint alleges that Defendants: (i) issued false and misleading consolidated balance sheets, statements of operations and cash flows; (ii) failed to properly classify royalty expenses; (iii) failed to properly record sufficient compensation expense on equity awards; (iv) did not properly calculate the liability for derivative instruments; (v) did not properly consolidate entities under its control; and (vi) improperly reported the value of certain oil and gas assets that it acquired in Alaska. As a result, Miller was required to restate its financial results. Over a series of almost daily disclosures occurring on July 28, 2011, July 29, 2011 and August 1, 2011, Miller's stock price dropped from $7.04 per share on July 27, 2011 to a close of $3.37 per share on August 2, 2011, a total drop of 52%.

If you are a member of the class, you may, no later than October 11, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/millerenergy/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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