Notice to Oil and Gas investors – Did You Purchase Shares of Miller Energy Resources Inc.
Miller Energy was an energy company headquartered in Knoxville, Tennessee which drilled and operated oil wells in east Tennessee. In the early 2000’s, it was a small, struggling company, its shares of common stock trading as a “penny stock.”
In 2009, Miller Energy was able to purchase hundreds of acres of property in Alaska due to the increase in revenue and substantial borrowing. In March 2011, the company’s stock was listed on the New York Stock Exchange.
Miller Energy touted itself as a growing, successful energy producer. In the notoriously volatile energy sector, Miller Energy rode the up swell of energy prices as the energy sector performance mirrored the upsurge in oil prices worldwide.
Miller Energy’s roller coaster ride was to come to a crashing end.
In August 2015 the SEC filed civil charges of accounting fraud against Miller Energy and two of its officers. The SEC charged that Miller Energy inflated the value of its oil and gas properties and under reported expenses.
In October 2015 Miller Energy filed for bankruptcy protection. The bankruptcy proceeding was finalized in April 2016 with Miller Energy’s remaining assets transferred to its main creditor.
The SEC has opened a securities fraud investigation into Miller Energy and several class action lawsuits have been filed.
Customers who purchased Miller Energy have also filed FINRA arbitration claims against their brokers and brokerage firms.
The energy sector is a volatile segment of the United States economy. The performance of the stock of energy companies can fluctuate wildly based on oil, gas and natural gas liquids (NGLs) supplies and prices, both here and abroad. Stock in energy companies may be unsuitable for many investors due to the “boom-or-bust” nature of the energy marketplace.
Lubiner, Schmidt & Palumbo are experienced securities arbitration attorneys. We have successfully handled hundreds of arbitrations for brokerage firms, individual brokers and customers.
If you purchased shares of Miller Energy and incurred losses, contact us now for a consultation to review your accounts and discuss what options you may have to recover your losses.