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Case ID: 4256 | Stocks | 03/28/2005
A class action has been filed against iMergent, Inc. (AMEX:IIG), certain of its officers and directors by stockholders who purchased the company's common stock between November 30, 2004 and February 25, 2005. The action claims 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.
iMERGENT, Inc. is an e-services company that provides e-commerce technology, training and a variety of Web-based technology and resources to over 150,000 small businesses and entrepreneurs annually. According to a press release dated March 8, 2005, the complaint charges iMergent and certain of its officers and directors with violations of the Securities Exchange Act of 1934. iMergent sells Internet merchant services through its StoresOnline, Inc. subsidiary. Through its subsidiary, iMergent mass markets storefront software and service packages through marketing seminars to small businesses to facilitate their online sales. Specifically, the complaint alleges that throughout the Class Period, iMergent represented to the investment community that it was a successful software company while concealing that its sales practices violated the laws of many of the states it operates in and the full extent of the uncollectibility of its installment contracts with its clients, many of which did not meet the Company's own credit criteria. On February 22, 2005, it was disclosed that the Texas Attorney General had filed suit against iMergent, the Company's Chairman, and the Company's President, alleging the Company's wholly owned subsidiary, StoresOnline.com, was selling defective storefront software and service packages and extorting thousands of dollars in additional "executive mentoring" fees from its customers when they could not use the software packages. In addition, the Company’s Chairman admitted at an investment conference held on February 25, 2005, that iMergent had been selling the software packages in installment contracts to customers with subprime credit. Many of these customers had little or no success with the Company's software and simply walked away from their contractual obligations when their new online "businesses" failed. The Company’s Chairman admitted that in the aggregate, only approximately 56% of the purchase price was eventually collected from these subprime customers through installment contracts. The complaint further alleges that as a result of defendants' false statements, iMergent's stock traded at inflated levels during the Class Period, increasing to above $25 per share on February 9, 2005, at which time the Company's top officers and directors sold or otherwise disposed of more than $6.5 million worth of their own shares. As the market digested this news, the Company's stock price plummeted from its Class Period high of over $25 per share on February 9, 2005 to below $12 per share on March 1, 2005, when trading was halted. If you bought iMergent, Inc. securities between November 30, 2004 and February 25, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against home-building company Ryland Group (NYSE: RYL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 2003, and January 7, 2004. 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. A class action has been filed against A.G. Edwards (NYSE:AGE), and its officers and directors by stockholders who purchased the company's common stock between January 1st, 1990 and February 3rd, 2005. The action claims 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. A class action has been filed against (NYSE:MBI), certain of its officers and directors by stockholders who purchased the company's common stock between August 05, 2003 and March 30, 2005. The action claims 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. A class action has been filed against Great Wolf Resorts Inc. (WOLF), certain of its officers and directors by stockholders who purchased the company's common stock between December 14, 2004 and July 28, 2005. The action claims 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. It may be time for greater government oversight of mutual fund companies. Several class actions have been filed against the Lord Abbett family of mutual funds (various stock symbols) and certain of the officers and directors both Lord Abbett & Company, LLC by investors who purchased Lord Abbett mutual funds between February 6, 1999, to November 17, 2003. The actions claim that the defendants violated federal securities laws by drawing upon the assets of the Lord Abbett Funds to pay brokers to aggressively push Lord Abbett Funds over other funds, and then concealing the payments from investors by disguising them as brokerage commissions. A complaint was filed on September 24, 2008.
According to a press release dated September 23, 2008, a class action has been commenced on behalf of purchasers of Constellation Energy Group, Inc. publicly traded securities during the period between January 30, 2008 and September 16, 2008 (the "Class Period"), including the Series A Junior Subordinated Debentures (the "Preferred Securities "), pursuant and/or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the Company's June 27, 2008 Preferred Securities offering.
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