Grant Thornton KOs IMergent Securities Class Action

Law360, New York (November 3, 2009, 1:05 PM EST) -- Grant Thornton LLP has won dismissal with prejudice of a class action alleging it helped iMergent Inc. engage in fraudulent accounting that cost investors millions when the company was forced to restate several years' worth of earnings in 2005.

Judge Dee Benson of the U.S. District Court for the District of Utah dismissed the case Friday, saying that while Grant Thornton may have been negligent in its auditing of iMergent's books, the plaintiffs failed to adequately allege that the accounting firm knowingly committed fraud.

“Stated another...
To view the full article, register now.