DENVER, March 14, 2009 (GLOBE NEWSWIRE) -- Denver-Based Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all persons and entities that purchased the securities of Intrepid Potash, Inc. ("IPI" or the "Company") (NYSE:IPI) in or traceable to the Company's April 21, 2008 Initial Public Offering ("IPO"). The complaint charges IPI and certain of its senior officers with violations of the federal securities laws.
If you wish to serve as a lead plaintiff, you must move the Court no later than April 20, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the Court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint asserts that the Company's Registration Statement and Prospectus were materially false and misleading because, at the time of the IPO, defendant Patrick L. Avery did not possess the claimed academic credentials. Mr. Avery, who served as the Company's President and Chief Operating Officer, did not receive a B.A. degree from the University of Colorado. Nor did Avery receive an M.S. degree from Loyola Marymount University. After the market closed on February 11, 2009, IPI issued a press release which disclosed that Mr. Avery was resigning, and confirmed that the statements contained in the Company's Registration Statement about his educational qualifications were false and that the "misrepresentation of his academic credentials was a violation under the Company's Code of Business Conduct." As a result of defendants' false and misleading statements, IPI stock traded at artificially inflated prices.
Plaintiff seeks to recover damages on behalf of IPI investors. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.