NEW YORK, Feb. 27, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Colorado against Intrepid Potash, Inc. ("Intrepid" or the "Company") (NYSE:IPI) and certain of its officers and directors on behalf of purchasers of Intrepid securities who purchased pursuant or traceable to the April 21, 2008 Initial Public Offering (the "IPO").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Intrepid securities in pursuant and/or traceable to the Company's April 21, 2008 IPO, and wish to move the court for appointment of lead plaintiff, you must do so by April 20, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period that in the Registration Statement and Prospectus for the Company's initial public offering the educational credentials of the Company's President and Chief Operating Officer were affirmatively misrepresented. According to the complaint, on February 11, 2009, after the Company revealed that the Company's President and COO had misrepresented his educational credentials and was resigning, the value of Intrepid Potash's stock declined significantly.