Stocklemon Updates iMergent (AMEX:IIG)
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iMergent (AMEX:IIG) revisited :
One year later, but what has changed?
In 2005, Stocklemon presented a series of articles that exposed the unsustainability of iMergent’s business model and questioned both the ethics and the legality of their sales practices and accounting. Since then the company has switched its accounting methods, restating four years of financial reports along the way, and now purports to be a “cleaner” company. Unfortunately, the problem with iMergent extends far beyond accounting methods into its principal method of acquiring customers. After recently attending a seminar in Los Angeles, it is the opinion of Stocklemon that iMergent is systematically deceiving the public just like it did last year, and management is not being forthright with the investing public, either about their own backrounds or the financial health of the company.