Several class actions have been filed against electricity generation utility IDACORP, Inc. (NYSE:IDA) and certain of its officers and directors by stockholders who purchased the company's common stock between February 1, 2002, and June 4, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.

The action alleges that IDACORP failed to disclose the following material adverse facts: (1) that it failed to take account of 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 it 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 it failed to consider the lingering effects from last year's regional drought on Idaho Power’s ability to generate electricity; and (4) that, as a result of these problems, the defendants lacked a reasonable basis for their positive statements about the company and its 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 falling $5.80 per share (17.26%) to close at $27.80 per share on June 4, 2002.

If you purchased securities issued by IDACORP during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by July 26, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent member.