Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of Investors in iMergent, Inc. NEW YORK, April 8 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the District of Utah, on behalf of all persons who purchased the securities of iMergent, Inc. ("iMergent" or the "Company") [Amex: IIG] between October 26, 2004 and February 25, 2005, inclusive, (the "Class Period") against defendants iMergent and certain officers and directors of the Company. The case name is Enuganti v. iMergent, Inc., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com/. The complaint alleges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period that had the effect of artificially inflating the market price of the Company's securities. The complaint alleges that defendants were aware of but concealed from the investing public during the Class Period, were as follows: (i) the Company's storefront software was defective; (ii) iMergent was extorting from its customers thousands of dollars in additional fees for technical support, characterized as "executive mentoring," above and beyond what customers contracted to pay as part of their service packages when they purchased the storefront software; (iii) since at least 2000, numerous customers had lodged complaints with various state agencies concerning defects with the storefront software and the exorbitant "executive mentoring" fees charged; (iv) the Company's storefront software and service packages were being illegally marketed as "franchises" or "business opportunities" because iMergent was not registered to engage in this type of business in the states in which it was operating and was not following the statutes applicable to companies that market franchises and business opportunities in those states; (v) the Company was extending credit to customers with subprime credit without disclosing that the Company did not require these customers to meet the Company's credit criteria; (vi) the Company was entering into installment sale contracts for defective storefront software packages, with the knowledge that the defects in the software, the difficulty of its use, and the refusal of some customers to purchase so-called "executive mentoring" (needed to operate the software) would lead to higher customer dissatisfaction, product rejections, refusals to pay for product packages being financed by the Company, and complaints to and legal action by federal and state authorities; and (vii) defendants had concealed that iMergent had been subjected to a lawsuit and a cease and desist order by the State of Washington in early 2004 concerning misconduct similar to that alleged by the State of Texas in its February 2005 lawsuit. If you purchased iMergent securities during the Class Period, you may request that the Court appoint you as lead plaintiff by May 9, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action. Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Christopher S. Hinton, Esq., or Derek Behnke), via e-mail at or visit our website at http://www.whafh.com/. All e-mail correspondence should make reference to iMergent. DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP CONTACT: Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Christopher S. Hinton, Esq., or Derek Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP, 1-800-575-0735 Web site: http://www.whafh.com/

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