PR Newswire | Feb 24, 2021 02:30PM EST

Action Lawsuit Has Been Filed Against Ebix Inc.

02/24 13:29 CST

EBIX INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Ebix Inc. NEW YORK, Feb. 24, 2021

NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Ebix Inc. ("Ebix" or the "Company") (NASDAQ: EBIX) from November 9, 2020 and February 19, 2021 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.

If you purchased Ebix securities, and/or would like to discuss your legal rights and options please visit Ebix Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com

On February 19, 2021, Ebix revealed that RSM US LLP ("RSM"), its independent auditor, resigned. The resignation was "a result of being unable, despite repeated inquiries, to obtain appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020," arising out of the Company's gift card business in India. RSM had also stated that there was a material weakness related to Ebix's failure to design controls "over the gift or prepaid card revenue transaction cycle sufficient to prevent or detect a material misstatement." Ebix and RSM also disagreed over the accounting treatment of $30 million that had been transferred into a commingled trust account of Ebix's outside legal counsel in December 2020.

On this news, the Company's share price fell approximately 40%, from $50.74 to close at $30.47 on February 22, 2021.

If you wish to serve as lead plaintiff, you must move the Court no later than April 23, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased Ebix securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/ebix-ebix-shareholder-class-action-lawsuit-fraud-stock-364/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. (c) 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information

Matthew E. GuarneroBernstein Liebhard LLP https://www.bernlieb.com(877) 779-1414MGuarnero@bernlieb.com

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SOURCE Bernstein Liebhard LLP