IMergent Agrees to Settle Class Action
Class Action News
[##_1L|1301042472.jpg|width="90" height="119" alt=""|_##]E-commerce software provider iMergent Inc. said Friday it has entered into a memorandum of understanding to settle a class action lawsuit against the company for $2.8 million. IMergent expects to pay the $2.8 million settlement to the class plaintiffs through the directors and officers insurance policy maintained by the company. As a result, iMergent said the settlement is not expected to affect the company's operating results.
According to Securities and Exchange Commission filings, the complaint alleges that the defendants violated federal securities laws by making material misleading statements and omissions, providing inaccurate financial information, and failing to make proper disclosures.
The initial class action suit was filed in 2005. The company denies liability.
The memorandum of understanding is subject to certain contingencies that require court approval, including a provision that prevents its former independent auditors Grant Thornton LLP from prosecuting any claims against the company related to the litigation.
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