WELCOME TO THE MILLER ENERGY SECURITIES LITIGATION WEBSITE

This website has been established to provide general information related to the pendency and proposed Settlement of the following class action lawsuits referred to as Goldberg v. Miller, et al., Case No. 2015-CV-33, and Gaynor v. Miller, et al., Case No. 2015-CV-34 (the “Litigation”), and pending before the Honorable Michael S. Pemberton in the Circuit Court for Morgan County, Ninth Judicial District in the State of Tennessee (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement dated January 6, 2023 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above.

The law firms of Robbins Geller Rudman & Dowd LLP, Barrett Johnston Martin & Garrison, LLC, and the Law Offices of Curtis V. Trinko represent you and other Class Members. You will not be charged for these lawyers. They will be paid from the Settlement Fund to the extent the Court approves their application for fees and expenses. If you want to be represented by your own lawyer, you may hire one at your own expense.

WHAT IS THIS LAWSUIT ABOUT?

The Litigation was brought by Plaintiffs Kenneth Gaynor, Marcia Goldberg, and Christopher R. Vorrath (collectively, "Plaintiffs"), on behalf of all Persons or entities who purchased or otherwise acquired Miller Energy Resources, Inc.'s ("Miller Energy" or "Company") Series C and/or Series D Preferred Stock on or after February 13, 2013, and who were damaged thereby, against Underwriter Defendants Northland Captial Markets, Dominick & Dominick, LLC (n/k/a Dominick & Dickerman LLC), Ladenburg Thalmann & Co., Inc., I-Bankers Securities, Inc., MLV & Co. LLC, National Securities Corporation, Maxim Group, LLC and Aegis Capital Corporation, and Individual 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 and Marceau N. Schlumberger for alleged violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933.

Plaintiffs allege 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 allege, 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 allege 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 allege 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 allege 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. 

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. Excluded from the Settlement Class are all Defendants in these actions and their families, the officers and directors and affilliates of Defendants, at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns, and any entity in which Defendants have or had a controlling interest.  Also excluded from the Settlement Class is bankrupt Miller Energy and its sucessors and assigns, including Glacier Oil & Gas Corporation, Williams Financial Group,  and Paul W. Boyd. Also excluded from the Class are those Settlement Class Members who timely and validly request exclusion from the Settlement Class pursuant to the requirements set by the Court.

WHAT DOES THE SETTLEMENT PROVIDE?

The proposed Settlement will create a cash settlement fund of $7,600,000 in cash. The Settlement Fund less: (a) any taxes and tax expenses; (b) any Notice and Administration Expenses; and (c) any attorneys’ fees and litigation charges and expenses (including any award to Plaintiffs in connection with their representation of the Settlement Class) awarded by the Court, will be distributed to Settlement Class Members under a plan of allocation that is approved by the Court.

Your share of the Net Settlement Fund will depend on several things, including the total amount of claims represented by the valid Proofs of Claim Class Members send in, compared to the amount of your claim, as calculated under the Plan of Allocation outlined in the Notice. 

ADDITIONAL INFORMATION

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Pendency of Class Action, Proposed Class Action Settlement, and Motion for Attorneys' Fees and Expenses ("Notice") and the Stipulation. We recommend you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

IMPORTANT DATES AND DEADLINES