Case Page

 

Case Status:    DISMISSED    
On or around 07/20/2009 (Court's order of dismissal)

Filing Date: February 17, 2009

According to a press release dated February 20, 2009, a lawsuit seeking class action status was filed 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").

Specifically, 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."

On April 01, 2009, an Order granting in part and denying in part the Motion to Consolidate.

On May 19, 2009, an Order Appointing Lead Plaintiff Granting the Ironworkers Pension Fund's Motion for Appointment as Lead Plaintiff and Approval of Lead Counsel.

On July 20, 2009, an order pursuant to Fed. R. Civ. P. 41(a), this matter, and all claims asserted were dismissed with prejudice.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: IPI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Colorado
DOCKET #: 09-CV-00320
JUDGE: Hon. Philip A. Brimmer
DATE FILED: 02/17/2009
CLASS PERIOD START: 04/21/2008
CLASS PERIOD END: 02/11/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  3. The Shuman Law Firm (former Denver)
    885 Arapahoe Avenue, The Shuman Law Firm (former Denver), CO 80302
    303.861.3003 303.861.3003 ·
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