The following is an announcement by the Law Office of Weiss & Yourman:

A class action lawsuit against Iowa Beef Processors, Inc. (''IBP'' or the ''Company'') (NYSE:IBP) and its senior executives was commenced in the United States District Court for the Southern District of New York, seeking to recover damages on behalf of defrauded investors who purchased IBP securities.

If you purchased IBP securities between February 7, 2000 and March 13, 2001 (the ''Class Period''), your rights may be affected.

The complaint charges defendants with violations of the antifraud provisions of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that defendants issued a series of materially false and misleading statements which artificially inflated the price of IBP securities during the Class Period.

Plaintiff is represented by Weiss & Yourman, a law firm possessing significant experience and expertise in prosecuting class actions on behalf of defrauded shareholders in federal and state courts throughout the United States. Weiss & Yourman has been appointed by numerous courts to serve as lead counsel in class action lawsuits and in that capacity has recovered hundreds of millions of dollars on behalf of investors.

If you purchased IBP securities between February 7, 2000 and March 13, 2001, you may move the court no later than April 9, 2001, to serve as a lead plaintiff of the class. In order to serve as a lead plaintiff, you must meet certain legal requirements. 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 the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as ``lead plaintiff.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Weiss & Yourman, or other counsel of your choice, to serve as your counsel in this action.

If you wish to receive an investor package or if you wish to discuss this action, have any questions concerning this notice or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please contact:

Mark D. Smilow, David C. Katz, and/or James E. Tullman, (888) 593-4771 or (212) 682-3025, via Internet electronic mail at or by writing Weiss & Yourman, The French Building, 551 Fifth Avenue, Suite 1600, New York City 10176.