Miller Energy Overvalued Alaskan Oil Assets, Investor Says

Law360, New York (August 12, 2011, 2:43 PM EDT) -- A Miller Energy Resources Inc. shareholder on Friday lodged a proposed class action accusing the Tennessee-based oil and natural gas company of overvaluing the Alaskan assets it purchased for $2.25 million during a rival company's Chapter 11 proceeding.

Shareholder Ruben Husu alleges Miller Energy misled investors into believing the production facilities and energy reserves it bought from Pacific Energy Resources Ltd. in December 2009 were worth $325 million, when, in fact, they were worth less than $30 million and came with some $40 million in liabilities....
To view the full article, register now.