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Intrepid Potash Inc (NYSE: IPI) Investor Securities Class Action Lawsuit 02/17/2009

  • If you purchased shares of Intrepid Potash Inc (NYSE: IPI), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Intrepid Potash, Inc.
Security
NYSE: IPI

Case Name
Intrepid Potash Shareholder Class Action Lawsuit 02/17/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Colorado

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 20, 2009 - The court granted the notice of voluntary dismissal and dismissed the case with prejudice.
July 17, 2009 - The lead plaintiff filed a notice of voluntary dismissal with prejudice.

May 19, 2009 - Lead plaintiff and lead counsel were appointed.

April 20, 2009 - Lead plaintiff motions were filed.

April 1, 2009 - Cases were consolidated and the court stayed the defendants' motions to dismiss.

March 30, 2009 - Defendants filed another motion to dismiss.

March 17, 2009 - Defendants filed a motion to dismiss.

March 10, 2009 - Another investor filed a complaint.

February 17, 2009 - An investor in shares of Intrepid Potash Inc (NYSE: IPI) filed a lawsuit in the U.S. District Court for the District of Colorado on behalf of all persons or entities who purchased or otherwise acquired the securities of Intrepid Potash Inc (NYSE: IPI) pursuant and/or traceable to Intrepid Potash Inc's Initial Public Offering ( IPO ) on April 21, 2008 against Intrepid Potash Inc and a certain current and former executive officer over alleged violations of Securities Laws.

According to the complaint the plaintiff alleges that Intrepid Potash Inc (NYSE: IPI), as well as a current and a former executive officer violated federal securities laws by filing the Prospectus and Registration Statement (collectively the Registration Statement ) with the U.S. Securities and Exchange Commission in connection with Intrepid Potash Inc's IPO, which contained false and misleading statements and failed to disclose material information. Then on February 11, 2009 a report was issued by the Fraud Discovery Institute revealing that the Intrepid Potash Inc's President and COO had affirmatively lied and misrepresented his educational qualifications in the Registration Statement issued in connection with Intrepid Potash Inc's IPO. In response to this news, shares of Intrepid Potash Inc's stock declined $1.52 per share to close at $22.00 per share on February 11, 2009. This closing price on Intrepid Potash Inc represented a cumulative loss of $10.00, approximately 31.25%, of the value of Intrepid Potash Inc's shares at the time of its IPO just months earlier, so the lawsuit.

After the market closed on February 11, 2009, Intrepid Potash Inc issued a press release disclosing that Intrepid Potash Inc's President and COO was resigning and confirmed that the statements contained in the Intrepid Potash Inc's Registration Statement about the educational qualifications of the Intrepid Potash Inc'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.