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.