SOURCE: Kahn Swick & Foti, LLC

August 25, 2011 17:11 ET

Kahn Swick & Foti, LLC and Partner, Former Louisiana Attorney General, Charles C. Foti, Jr., Remind Investors With Large Trading Losses of Lead Plaintiff Deadline in Lawsuit Against Miller Energy Resources, Inc. (NYSE: MILL)

NEW ORLEANS, LA--(Marketwire - Aug 25, 2011) - Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 11, 2011 to file lead plaintiff applications in a securities class action lawsuit against Miller Energy Resources, Inc. ("Miller" or the "Company") (NYSE: MILL). The lawsuit was filed in the United States District Court for the Eastern District of Tennessee on behalf of purchasers of the securities of Miller during the period between December 16, 2009 and August 8, 2011, inclusive (the "Class Period").

What You May Do

If you are a Miller shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by October 11, 2011.

About the Lawsuit

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 emanating from the issuance of materially false and misleading statements regarding the Company's business and financial results. Miller stock traded at artificially inflated prices during the Class Period, reaching a high of $8.02 per share on July 15, 2011.

On July 28, 2011, TheStreetSweeper published an investigative report on Miller regarding the Company's relationship with several financial firms, highlighting potential accounting problems. Specifically, the report questioned the Company's purchase of abandoned assets in Alaska for $4.5 million, later fixing the value of those assets at more than $350 million on its books. On this news, Miller's stock dropped $1.64 per share to close at $5.40 per share on July 28, 2011. Then, on August 1, 2011, the Company filed a Form 8-K with the SEC disclosing that the Company would be issuing revised financial statements, particularly with respect to its statement of cash flows for the periods ended January 31, 2011, October 31, 2010 and July 31, 2010, pursuant to an investigation by the Company's Audit Committee. On August 2, 2011, Miller stock dropped another $0.58 per share, to close at $3.37 per share, the Company's lowest share price during the Class Period, and a decline of 58% from the Class Period high of $8.02 per share. Shares have continued to fall on additional revelations, closing to $2.16 per share on August 25, 2011.

About Kahn Swick & Foti, LLC

KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. To learn more about KSF, you may visit www.ksfcounsel.com.

Contact Information

  • Contact:

    Kahn Swick & Foti, LLC
    Lewis Kahn
    Managing Partner
    877-515-1850
    or after hours via cell phone 504-301-7900
    lewis.kahn@ksfcounsel.com
    206 Covington St.
    Madisonville, LA 70447