lady justice

Louisiana state officials have filed a lawsuit against i3 Verticals over possible hacks that may have been enabled in some way by software linked to an i3 product.

In question is i3-Software & Services, which is located in Shreveport and markets its products to local government agencies, primarily in the Pelican State. Nashville-based i3 in 2018 paid $17 million for the business. The lawsuit led by the state’s Division of Administration has been joined by the East Baton Rouge Parish Law Enforcement District and other law enforcement agencies.

The plaintiffs are seeking to become representatives of a class of customers they say have been harmed by outsiders accessing their computer networks, perhaps through third-party software used by S&S, and say i3’s cybersecurity protections should have been stronger. They are asking for $15 million to cover their costs of handling the breaches, reimbursing them for what they’ve paid for i3’s services and other expenses.

Officials with i3 recently disclosed that they have been cooperating with a U.S. Department of Justice investigation related to the breaches. They also said that don’t expect this matter to have a material effect on their overall business. But a court ruling against them would be expensive relative to the $7.8 million operating profit i3 posted in 2020 on revenues of about $150 million.

Shares of i3 (Ticker: IIIV) were down about 2 percent to $31.80 Tuesday afternoon. Year to date, they’re essentially flat.

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Orthopedic treatment company IMAC Holdings has paid an undisclosed amount to add a chiropractic clinic north of Miami to its network.

The leaders of Brentwood-based IMAC say they have bought Fort Pierce Chiropractic, which was founded more than 30 years ago, for about its trailing 12 months of cash flow. The deal adds to purchases in Tampa and Orlando that CEO Jeff Ervin and his team announced early this year and the group plans to expand the clinic’s lineup of services in the coming months.

Six-year-old IMAC owns or manages more than 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. In addition to Florida, the company is focused on the Midwest as a growth market.

Shares of IMAC (Ticker: IMAC) were down about 1.5 percent to $2.01 Tuesday afternoon. Since the end of 2020, they have climbed about 25 percent.

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