To read more about the lawsuit filed by the stockholders of Stores Online's parent company, I-Mergent, Inc., please read below, or click here.

iMergent faces merging lawsuits

On the surface iMergent seems like a company well-placed in the high-tech landscape. The firm markets itself as an e-services company that helps small businesses extend their brick-and-mortar presence online. But in a three-week period ending March 1, the company’s shares lost half of their value, falling from $25 on February 9 to $12 on March 1. Now the company is facing three proposed shareholder class action lawsuits. On Thursday, New York law firm Lasky & Rifkind, the Baltimore offices of attorney Charles J. Piven, and Pennsylvania law firm Brodsky & Smith separately invited iMergent stockholders to participate in class action lawsuits against the firm. The suits are based on what the law firms call material misrepresentations. Two other law firms have chimed in on the issue. On Wednesday, the Philadelphia law firm of Brian Felgoise charged the firm with misrepresentation; the day before, Lerach Coughlin Stoia Geller Rudman & Robbins of San Diego made similar claims. In the suit filed by Lasky & Rifkind, the firm is charged with “concealing that its sales practices violated numerous state laws,” according to the Salt Lake Tribune. The meltdown came after the Texas attorney general filed a state court suit alleging deceptive practices by iMergent’s subsidiary, StoresOnline.com. Another shareholder lawsuit alleges that the company’s executives disposed of $6.5 million of their own shares just before the shares went into its tailspin. Executives of the Orem, Utah based company said the complaints and lawsuits are without merit.

On Thursday, New York law firm Lasky & Rifkind, the Baltimore offices of attorney Charles J. Piven, and Pennsylvania law firm Brodsky & Smith separately invited iMergent stockholders to participate in class action lawsuits against the firm. The suits are based on what the law firms call material misrepresentations. Two other law firms have chimed in on the issue. On Wednesday, the Philadelphia law firm of Brian Felgoise charged the firm with misrepresentation; the day before, Lerach Coughlin Stoia Geller Rudman & Robbins of San Diego made similar claims. In the suit filed by Lasky & Rifkind, the firm is charged with “concealing that its sales practices violated numerous state laws,” according to the Salt Lake Tribune. The meltdown came after the Texas attorney general filed a state court suit alleging deceptive practices by iMergent’s subsidiary, StoresOnline.com. Another shareholder lawsuit alleges that the company’s executives disposed of $6.5 million of their own shares just before the shares went into its tailspin. Executives of the Orem, Utah based company said the complaints and lawsuits are without merit.

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