NEW YORK, Nov. 21, 2005 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announce that a class action lawsuit has been commenced in the United States District Court for the District of Utah on behalf all purchasers who purchased Imergent Inc. ("Imergent" or the "Company") (AMEX:IIG) common stock during the period from November 26, 2001 through October 7, 2005, inclusive (the "Class Period"), who still held the stock as of August 19, 2005.
Please visit our website, which offers summary and detailed information concerning the suit at http://www.kmslaw.com or contact us by phone at (888) 529-4787 or by email at info.newcases@kmslaw.com for more information.
The action charges Imergent and certain of its senior officers as well as its former auditor with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The alleged violations stem from the dissemination of false and misleading statements, which had the effect - during the Class Period - of artificially inflating the price of Imergent's shares.
Investors allege that during the Class Period, the Company issued false and misleading financial statements that were not presented in accordance with Generally Accepted Accounting Principles ("GAAP") and violated the 1934 Act. Imergent has since admitted as much and has restated financial results for fiscal years (ended June 30) 2002, 2003, 2004 and 2005. On August 19, 2005, when the Company first publicly admitted to inaccurate reporting, shares of Imergent fell 12%. Subsequently, as additional news of accounting review surfaced and the Company terminated its auditor, shares of Imergent fell below $4 per share.
Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at http://www.kmslaw.com.
If you are a member of the class described above, you may, no later than January 4, 2006, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the "PSLRA"), 15 U.S.C. Section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact Vivian Lee.