SOURCE: Bronstein, Gewirtz & Grossman, LLC

March 04, 2009 18:14 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Intrepid Potash, Inc.

NEW YORK, NY--(Marketwire - March 4, 2009) - Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of those who purchased or otherwise acquired the securities of Intrepid Potash, Inc. (NYSE: IPI) ("Intrepid" or the "Company") pursuant and/or traceable to the Company's Initial Public Offering (the "IPO") on April 21, 2008 (the "Class").

The complaint charges Intrepid and certain of its current and former executive officers with violations of federal securities laws. The complaint alleges that the Prospectus and Registration Statement contained false and misleading statements and in addition failed to disclose that the Company's President and Chief Operating Officer ("COO") had not received a B.A. from the University of Colorado or a M.S. degree from Loyola Marymount University.

On February 11, 2009, the Fraud Discovery Institute revealed that the Company's President and COO misrepresented his academic credentials in the Registration Statement issued in connection with the Company's IPO. In response to the news, shares of common stock declined $1.52 per share to close at $22.00 per share on that day, which represented a cumulative loss of approximately 31% of the value of the Company's shares at the time of its IPO.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. April 20, 2009 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

Contact Information

  • Contacts:
    Peretz Bronstein
    Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact