BOULDER, Colo., Feb. 20, 2009 (GLOBE NEWSWIRE) -- The Shuman Law Firm today announced that it has filed a lawsuit seeking class action status in the United States District Court for the District of Colorado on behalf of a proposed class (the "Class") consisting of all persons or entities who purchased or otherwise acquired the securities of Intrepid Potash, Inc. ("Intrepid" or the "Company") (NYSE:IPI) pursuant and/or traceable to the Company's Initial Public Offering (the "IPO") on April 21, 2008 (the "Class").
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.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, the Fraud Discovery Institute revealed that the Company's President and COO had 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."
If you are a member of the proposed class, you may, no later than 60 days from February 18, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.