MILL.US
id: 625
Miller Energy Resources (MILL) Securities $7.6M Settlement
Late claims are being considered for compensation, subject to approval.
E.D. Tennessee
Court2015-CV-33
Case number02/13/2013
Class period Start02/13/2023
Class period End06/20/2023
Claim deadlineMiller Energy Resources (MILL) agreed to settle a $7.6M settlement to avoid further litigation.
If you purchased or otherwise acquired Miller Energy's Series C and/or Series D Preferred Stock on or after February 13, 2013, and were damaged thereby, you are a Settlement Class Member.
Plaintiffs alleged that in December 2009, Miller Energy purchased the Alaska Assets for $2.25 million in cash, along with the assumption of certain liabilities valued at approximately $2 million and, within weeks, reported them at an overstated value of approximately $480 million, and recognized a one-time “bargain purchase gain” of $277 million for the third and fourth quarters of its 2010 fiscal year. Plaintiffs alleged, among other things, that the overstated values included in filings made with the SEC and that the September 6, 2012 Registration Statement and prospectus supplements for the offerings relating to Miller Energy's 10.75% Series C Cumulative Redeemable Preferred Stock ("Series C") and 10.5% Series D Fixed Rate/Floating Rate Cumulative Redeemable Preferred Stock ("Series D") (collectively, the "Offerings") were materially false and misleading, and in violation of the federal securities laws.
Plaintiffs further alleged that the Underwriter Defendants failed to perform adequate due diligence in connection with their role as an underwriter of the Offerings and were negligent in failing to ensure that the Registration Statement was prepared properly and accurately, and was free from misstatements or omissions of material fact. More specifically, Plaintiffs alleged that a series of disclosures following the close of the Offerings revealed that the Registration Statement was allegedly false and misleading because the Company overstated the value of the Alaska Assets.
Plaintiffs further alleged that when the alleged truth regarding the value of the Alaska Assets was revealed, alleged artificial inflation was removed from the price of Miller Energy Series C and Series D Preferred Stock, damaging Settlement Class Members. In September 2015, Miller Energy’s Series C and Series D Preferred Stock were delisted after a more than 98% decline in their value.
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Kenneth Gaynor, Marcia Goldberg, Christopher R. Vorrath
Attorneys
Robbins Geller Rudman & Dowd LLP, Barrett Johnston Martin & Garrison, LLC, the Law Offices of Curtis V. Trinko
Defendants
Deloy Miller, Scott M. Boruff, David J. Voyticky, Catherine A. Rector (n/k/a Catherine Rainey), David M. Hall, Merrill A. McPeak, Gerald Hannahs, Charles M. Stivers, Don A. Turkleson, Bob G. Grower, Joseph T. Leary, William B. Richardson, Marceau N. Schlumberger
Judge
Hon. Michael S. Pemberton
Administrator
Gilardi & Co LLC
Court hearing date
06/12/2023
Exclusion deadline
05/23/2023
Objection deadline
05/23/2023
Hearing deadline
05/23/2023
Trades matching type
FIFO
+$7,600,000
Cash Settlement Amount