Reverb is designed for point-source sounds. Stereo is actually a bit of a hack on top of the 3d environment, artificially "placing" two virtual sources near either side of the head (they're not real sources - it's just a hack). For this reason, many OpenAL operations, including reverb, don't work on stereo sounds.
You can get reverb stereo sound, but it requires a bit of preprocessing up front. You must split out the stereo tracks in an audio program such as audacity, and then load the left and right channels as SEPARATE buffers, then play them using sources a bit to the left and right of the listener (basically doing what the hack was doing). Then when you turn on reverb it will work properly.