NEW YORK, May 26, 2004 – LAWFUEL – The Law Firm of Geller Rudman, PLLC
announced today that a class action lawsuit has been filed in the United
States District Court for the District of Idaho on behalf of purchasers of
Idacorp, Inc. (“Idacorp” or the “Company”) (NYSE: IDA) publicly traded
securities during the period between February 1, 2002 and June 4, 2002,
inclusive (the “Class Period”). A copy of the complaint filed in this action
is available from the Court, or can be viewed on the firm’s website at
http://www.geller-rudman.com/case_signup_sec.asp?cID=296.
The complaint charges Idacorp, Jon H. Miller, Jan B. Packwood, J. Lamont
Keen, and Darrel T. Anderson violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by
issuing a series of material misrepresentations to the market between February
1, 2002 and June 4, 2002, about the Company’s financial outlook, thereby
artificially inflating the price of Idacorp stock. More specifically, the
Complaint alleges that the Company failed to disclose and misrepresented the
following material adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company failed to appreciate what the
negative impact of lower volatility and reduced pricing spreads in the Western
wholesale energy market would have on its marketing subsidiary, Idacorp
Energy; (2) that the Company was forced to limit its origination activities to
shorter-term transactions due to increasing regulatory uncertainty and
continued deterioration of credit-worthy counter parties; (3) that the Company
failed to discount for the fact that Idaho Power may not recover from the
lingering effects from last year’s regional drought; and (4) that, as a result
of the foregoing, defendants lacked a reasonable basis for their positive
statements about the Company and their earnings projections.
On June 4, 2002, Idacorp, citing stagnant wholesale energy markets and the
continued pressure of drought, lowered its 2002 earnings guidance to a range
between $1.35 and $1.70 per share. News of this shocked the market, shares of
Idacorp plunged down $5.80 per share or 17.26% to close at $27.80 per share on
June 4, 2002.
If you bought Idacorp publicly traded securities between February 1, 2002
and June 4, 2002, inclusive, and you wish to serve as lead plaintiff, you must
move the Court no later than July 26, 2004. If you are a member of this
class, you can join this class action online at http://www.geller-rudman.com.
Any member of the purported class may move the Court to serve as lead
plaintiff through Geller Rudman or other counsel of their choice, or may
choose to do nothing and remain an absent class member.
Geller Rudman, PLLC is a national law firm that represents investors and
consumers in class action and corporate governance litigation. It is one of
the country’s premier firms in the area of securities fraud, with in-house
finance and forensic accounting specialists and extensive trial experience.
Since its founding, Geller Rudman, PLLC has grown to become one of the most
respected and successful firms representing investors and consumers in class
action litigation. The firm came of age under the client focused realities of
the Private Securities Litigation Reform Act of 1995, which provided new
opportunities for institutional investors to assume leadership in combating
securities fraud.
The firm’s lawyers have achieved substantial recoveries for aggrieved
investors and consumers in class action lawsuits prosecuted in state and
federal courts throughout the nation. Geller Rudman, PLLC maintains a widely
recognized reputation for excellence, as courts have repeatedly appointed the
firm to major positions in intricate multi-district or consolidated
litigations. In this regard, Geller Rudman, PLLC has successfully pursued
hundreds of class action lawsuits, has taken a lead role in numerous complex
litigations on behalf of defrauded investors and consumers and has been
responsible for billions in recoveries as well as landmark corporate
governance changes. The firm maintains offices in Boca Raton and New York.
If you have any questions about how you may be able to recover for your
losses, or if you would like to consider serving as one of the lead plaintiffs
in this lawsuit, you are encouraged to call or e-mail the Firm or visit the
Firm’s website at http://www.geller-rudman.com.
Contact:
GELLER RUDMAN, PLLC
Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
200 Broadhollow, Suite 406
Melville, NY 11747
631-367-7100
Toll Free: 1-877-992-2555
Fax: 1-631-367-1173
E-mail: info@geller-rudman.com
