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Imergent, Inc. Common Stock Message Board

  • jjkotto jjkotto Feb 28, 2007 1:28 PM Flag

    SEC Investigation

    This is directly from the most recent 10-Q. How can anyone be long this stock and not know this?
    Before you go saying this is old news and that IIG has restated, IIG just cannot make the SEC investigation go away. According to the 10-Q just filed, this is still an on going formal investigation:

    On October 24, 2005, the Company announced it had been notified by the SEC that it had issued a formal order of investigation related to the Company. Prior to the order, the Company had announced a change of the independent registered public accounting firm for the Company. The Company also issued a Form 8-K of Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. The Company has restated and filed all required financial statements with the SEC. The Company is fully cooperating with the SEC in this matter.

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    • Looks like Fla jumped on the band wagon!!200 day moving avg. leads to 100 day...all down hill from here..

    • Reply from poster on IVB

      That is VERY old news. Also, FYI, the SEC was involved in a 2002 meeting with the company, Grant-Thornton and others, and approved the previous accounting basis that was used for exactly the same business model. That is why Grant-Thornton is a defendant in the shareholder class action lawsuit.

    • Sorry this is 2007. Nothing has come of it. So what is your frail point. Seems like another nonevent dbag

      • 1 Reply to oslo_pinney
      • No need to apologize.

        The point is not so frail. There is an ongoing formal SEC investigation. This is the risk, according to the officers of IIG in their 10-Q filed in 2007:

        "We are being investigated by the Securities and Exchange Commission, which could subject us to fines, penalties or other actions, which could adversely affect our financial results.

        On October 24, 2005, we announced we had been notified that the SEC had issued a formal order of investigation related to us. Although we have cooperated with the SEC in this matter, and intend to continue to cooperate with the SEC, the SEC may find that we have violated the securities laws. We cannot predict the ultimate outcome of the investigation, nor can we predict whether other federal, state or foreign governmental authorities will initiate separate investigations. The outcome of the investigation and any related legal and administrative proceedings could include the institution of administrative, civil, injunctive or criminal proceedings involving us and/or our current or former employees, officers and/or directors, the imposition of fines and other penalties, remedies and/or sanctions, modifications to business practices and compliance programs and/or referral to other.."