Dismissal of Miller Energy suit upheld - September 29, 2013

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Vol. 18, No. 39

Week of September 29, 2013

Dismissal of Miller Energy suit upheld

A federal appeals court has affirmed the dismissal of a shareholder derivative lawsuit against Miller Energy Resources Inc.

Miller operates in Alaska through its subsidiary, Cook Inlet Energy LLC.

Shareholders in 2011 sued derivatively on behalf of the company in federal court in Knoxville, Tenn., where Miller is based. They alleged Miller directors were culpable in misleading public statements on the value of oil and gas assets the company acquired in Alaska’s Cook Inlet basin in late 2009.

A judge on Sept. 21, 2012, dismissed the case. Shareholder Patrick P. Lukas appealed to the 6th U.S. Circuit Court of Appeals. The appeals court upheld the lower court dismissal in a majority opinion issued Sept. 19.

—Wesley Loy

Petroleum News - Phone: 1-907 522-9469
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Copyright Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA)©1999-2019 All rights reserved. The content of this article and website may not be copied, replaced, distributed, published, displayed or transferred in any form or by any means except with the prior written permission of Petroleum Newspapers of Alaska, LLC (Petroleum News)(PNA). Copyright infringement is a violation of federal law.