East Tennessee oil and gas company Miller Energy Resources was blasted again today by the investigative website TheStreetSweeper.
StreetSweeper provides details about Miller’s “tardy annual report” and “premature”audit opinion from KPMG.
The website quotes law professor and New York Times blogger Peter J. Hennnig, who suggests that the Securities and Exchange Commission may take a close look at the company.
Here’s an excerpt from today’s StreetSweeper report:
“The SEC is going to notice this,” said Henning, who worked as both a regulator and a prosecutor before assuming his current post as a law professor focused on white-collar crime at Wayne State University. “You can’t file a 10K without audited financials; that’s a precondition … I suspect that KPMG will want to know how this happened and, if they don’t get straight answers, they will be gone. …”
Miller CEO Scott Boruff published an open letter to shareholders late Monday in response StreetSweeper’s original report published last week.
A story in today’s News Sentinel details the original StreetSweeper report.
In addition to the StreetSweeper investigation, two law firms this week said they would pursure class-action claims against Miller.
StreetSweeper report: Miller: Meltdown Continues for This Once-Hot Oil Stock
Photo: Miller Energy’s Osprey oil platform in Cook Inlet off the coast of Alaska.