PHILADELPHIA, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX) to determine whether the Company engaged in securities fraud or other unlawful business practices.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, EBIX SECURITIES AND SUFFERED LOSSES GREATER THAN $100,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS Action QUESTIONNAIRE OR CONTACT KEVIN CAULEY, DIRECTOR, BUSINESS DEVELOPMENT, (215) 792-6676, EXT. 802, KCAULEY@KEHOELAWFIRM.COM, SECURITIES@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE SECURITIES CLASS Action INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
On February 19, 2021, Ebix announced that “[b]y letter dated February 15, 2021, RSM US LLP (‘RSM’) notified the Audit Committee of the Board of Directors (the ‘Audit Committee’) of Ebix, Inc. . . . of its resignation as the Company’s independent registered public accounting firm.”
According to Ebix, “. . . RSM told the Chairman of the Company’s Audit Committee during a telephone call that RSM was resigning as the Company’s independent registered public accounting firm, effective immediately. RSM then advised the Chairman on the call that it was resigning as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020, including whether such transactions have been properly accounted for and disclosed in the financial statements subject to the Audit.” Ebix also reported that “RSM informed the Chairman that the unusual transactions concerned the Company’s gift card business in India.”
On this news, Ebix shares fell by as much as 27% during after-hours trading on February 19, 2021, thereby injuring Ebix investors. On February 22, 2021, Ebix stock fell approximately 40%, further harming investors.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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