Barron's article on IIG-scam point to SEC Violations
(edit: no position for now, but gee-- to call up institutions (allegedly) and tout your upcoming results is a clear '34 Act violation under manipulation rules)
And the business model is seriously flawed IMTO, which might explain the auditor change in 2005.... HMMM
According to reports from Barron's, iMergent's (AMEX: IIG) CEO, Donald Dank, told select individual and institutional investors that Q3 earnings will be over 50% higher than the estimate of $0.39-$0.41 set by one analyst who follows the stock. A recording, said to be Dank, is also heard saying revenues will be around $50 million, also above the analyst's view.
The report said such conversations would appear to violate SEC Regulation FD, which requires material information be disclosed fairly to all.
iMergent is a heavily shorted stock, as of March 15th 60% of the stock has been shorted.
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