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Miller Energy announces affirmation of dismissal of shareholder derivative lawsuit


Published Sep 23, 2013
Miller Energy Resources-2

Miller Energy Resources announced the affirmation by the United States Court of Appeals for the Sixth Circuit of 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.

On October 16, 2012, plaintiffs filed an appeal to the dismissal in the Sixth Circuit Court of Appeals. In an opinion issued on September 19, 2013, the Court of Appeals affirmed the dismissal of the suit by the District Court.

Tags: Miller Energy Resources




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