Miller Energy Resources (“Miller”) (NYSE: MILL) announced today the dismissal of two consolidated shareholder derivative lawsuits against the Company and certain of the Company’s current and former officers and directors. Filed on August 25, 2011, and August 31, 2011, in the United States District Court for the Eastern District of Tennessee, the lawsuits alleged, among other things, the dissemination of misleading information, mismanagement and waste of corporate assets.
On September 21, 2012, the trial court granted the Company’s motion to dismiss these suits. The Court found, among other things, that the plaintiff failed to make a demand on the Company’s Board of Directors to investigate and, if necessary, remediate the plaintiff’s allegations prior to filing the lawsuit. The opinion further held that the plaintiff had failed to show why the requirement that such a demand be made should be excused in these cases.
“We are pleased with the positive outcome,” said Scott M. Boruff, Miller Energy Resources CEO. “We have maintained throughout this litigation that the cases were without merit, and this dismissal reflects that in their rush to file, the plaintiffs did not carefully consider the facts or follow the proper procedure in bringing their claims. It is so gratifying that the Court granted our motion to dismiss, as it allows us to direct more of our time and attention to the primary mission of the company. As always, we are committed to providing long-term value to our shareholders through our continued growth and development.”
About Miller Energy Resources
Miller Energy Resources, Inc. is a high growth oil and natural gas exploration, production and drilling company operating in multiple exploration and production basins in North America. Miller’s focus is in Cook Inlet, Alaska and in the heart of Tennessee's prolific and hydrocarbon-rich Appalachian Basin including the Chattanooga Shale. Miller is headquartered in Knoxville, Tennessee with offices in Anchorage, Alaska and Huntsville, Tennessee. The company’s common stock is listed on the NYSE under the symbol MILL.