WASHINGTON, Feb. 19, 2009 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed against Intrepid Potash Inc. ("Intrepid Potash" or the "Company") (NYSE:IPI) in the United States District Court for the District of Colorado, and Finkelstein Thompson LLP is investigating similar claims at this time.
The filed complaint alleges that Intrepid Potash, a leading producer of potassium fertilizer, issued materially false and misleading statements in the Company's Prospectus and Registration Statement ("Prospectus") filed with the SEC in connection with the Company's April 2008 IPO. Specifically, the complaint alleges that Intrepid Potash issued false and misleading statements regarding the academic credentials of former President and COO, Patrick Avery.
On February 11, 2009, a report published by the Fraud Discovery Institute revealed that Avery had not received degrees from the University of Colorado and Loyola Marymount University as the Company had previously stated in its April 2008 Prospectus. As a result of this revelation, the Company's shares declined $1.52 to fall to $22 a share on February 11, 2009. The $22 share price marked a significant decline from the $51.62 share price at the time of the Company's IPO.
Finkelstein Thompson LLP has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
If you are an Intrepid Potash Inc. shareholder and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com.