LOS ANGELES, June 1, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the District of Idaho on behalf of a class (the "Class") consisting of all persons who purchased or otherwise acquired securities of Idacorp, Inc. ("Idacorp" or the "Company") (NYSE:IDA) between February 1, 2002 and June 4, 2002, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Idacorp and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims that defendants' omissions and material misrepresentations concerning Idacorp's financial outlook artificially inflated the Company's stock price, inflicting damages on investors. The complaint alleges that defendants failed to disclose and/or misrepresented the following adverse facts: (1) that the Company failed to appreciate the negative impact that lower volatility and reduced pricing spreads in the Western wholesale energy market would have on its marketing subsidiary, Idacorp Energy; (2) that the Company was forced to limit its origination activities to shorter-term transactions due to increasing regulatory uncertainty and continued deterioration of credit-worthy counter parties; (3) that the Company failed to discount for the fact that Idaho Power may not recover from the lingering effects of last year's regional drought; and (4), as a result of the foregoing, that defendants lacked a reasonable basis for their earnings projections and positive statements about the Company.
On June 4, 2002, Idacorp, citing stagnant wholesale energy markets and the continued pressure of drought, lowered its 2002 earnings guidance to a range between $1.35 and $1.70 per share. News of this shocked the market, Idacorp's share price plummeted $5.80 or 17.26%, to close at $27.80 per share on June 4, 2002.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than July 26, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.