Intrepid Potash Inc., a manufacturer of fertilizer, is evaluating whether President Patrick Avery was awarded some of the college degrees cited in a prospectus, spokesman William Kent said.
“We are looking at this vigorously,” Kent said in an interview today. “It’s a serious allegation. We’re evaluating this information.” Kent declined to say how long a review might take. Investors “are asking questions but we need to have a full understanding of the information,” he said.
When Intrepid Potash first sold shares to the public in April, it said in the prospectus that Avery received bachelor of arts degrees in biology and chemistry from the University of Colorado. Avery attended from 1970 through 1975 and “no degree was awarded for reasons unknown,” according to a statement faxed to Bloomberg News from the university registrar’s office Feb. 9.
Avery didn’t return four voice-mail messages left today and yesterday. Kent said Avery isn’t available for comment.
The Fraud Discovery Institute, a San Diego-based licensed private investigator, uncovered discrepancies in the prospectus, said co-founder Barry Minkow, who served more than seven years in federal prison for fraud while running ZZZZ Best Co.
Denver-based Intrepid Potash fell $1.73, or 7.4 percent, to $21.79 at 2:05 p.m. in New York Stock Exchange composite trading. Before today, the shares declined 27 percent since the company went public at $32 each in April.
