LOS ANGELES, Feb. 18, 2009 (GLOBE NEWSWIRE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of a class consisting of all persons or entities who purchased or otherwise acquired the securities of Intrepid Potash, Inc. ("Intrepid Potash" or the "Company") (NYSE:IPI) pursuant and/or traceable to the Company's Initial Public Offering (the "IPO") on April 21, 2008 (the "Class").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, to discuss this action or to 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 http://www.glancylaw.com.
The Complaint charges Intrepid Potash, as well as a current and a former executive officer of the Company with violations of federal securities laws. Intrepid Potash engages in the production and marketing of muriate of potash in the United States. The Complaint alleges that the Prospectus and Registration Statement (collectively the "Registration Statement") filed with the United States Securities and Exchange Commission in connection with the Company's IPO, contained false and misleading statements and failed to disclose or indicate the following: (1) that the Company's President and Chief Operating Officer ("COO") had not received a B.A. degree from the University of Colorado or a M.S. degree from Loyola Marymount University, as represented in the Registration Statement; and (2) that the Company's President and COO had misrepresented his academic credentials in violation of the Company's Code of Business Conduct.
On February 11, 2009 investors were shocked by a report on the market issued by the Fraud Discovery Institute revealing that the Company's President and COO had affirmatively lied and misrepresented his educational qualifications in the Registration Statement issued in connection with Intrepid Potash's IPO. In response to this news, shares of the Company's stock declined $1.52 per share to close at $22.00 per share on February 11, 2009. This closing price on Intrepid Potash represented a cumulative loss of $10.00, approximately 31.25%, of the value of the Company's shares at the time of its IPO just months earlier.
After the market closed on February 11, 2009, Intrepid Potash issued a press release disclosing that the Company's President and COO was resigning and confirmed that the statements contained in the Company's Registration Statement about the educational qualifications of the Company's President and COO were false and that the "misrepresentation of his academic credentials was a violation under the Company's Code of Business Conduct."
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, no later than sixty days from today, 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, or Richard A. Maniskas, 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.