{"id":441402,"date":"2021-02-22T22:30:03","date_gmt":"2021-02-23T03:30:03","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=441402"},"modified":"2021-02-22T22:30:03","modified_gmt":"2021-02-23T03:30:03","slug":"ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc\/","title":{"rendered":"EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc."},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc.<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com%2F&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=Glancy+Prongay+%26amp%3B+Murray+LLP&amp;index=1&amp;md5=8a952ffd16124ced78a45fa5b07c5f44\">Glancy Prongay &amp; Murray LLP<\/a> (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned <i>Teifke v. Ebix, Inc., et al.,<\/i> (Case No. 1:21-cv-01589) on behalf of persons and entities that purchased or otherwise acquired Ebix, Inc. (\u201cEbix\u201d or the \u201cCompany\u201d) (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FEBIX&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=EBIX&amp;index=2&amp;md5=9b47c2b17358c24b2c8962a2b7843976\">EBIX<\/a>) securities between <b>November 9, 2020 and February 19, 2021<\/b>, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).\n<\/p>\n<p>\nInvestors are hereby notified that they have until <b>60 days from this notice<\/b> to move the Court to serve as lead plaintiff in this action.\n<\/p>\n<p>\nIf you suffered a loss on your Ebix investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Febix-inc%2F&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Febix-inc%2F&amp;index=3&amp;md5=517f12d25a3c07291872732239da381b\">https:\/\/www.glancylaw.com\/cases\/ebix-inc\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at <a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a> or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=4&amp;md5=5b49ca90846fe25c087751cd4d8c8dc3\">www.glancylaw.com<\/a> to learn more about your rights.\n<\/p>\n<p>\nOn February 19, 2021, after the market closed, Ebix revealed that its independent auditor, RSM US LLP (\u201cRSM\u201d), resigned \u201cas 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\u201d related to the Company\u2019s gift card business in India. RSM had also stated that there was a material weakness related to Ebix\u2019s failure to design controls \u201cover the gift or prepaid card revenue transaction cycle sufficient to prevent or detect a material misstatement.\u201d In addition, Ebix and RSM disagreed over the accounting treatment of $30 million that had been transferred into a commingled trust account of Ebix\u2019s outside legal counsel in December 2020.\n<\/p>\n<p>\nOn this news, the Company\u2019s share price fell as much as $20.24, or approximately 40%, to close at $30.50 on February 22, 2021, on unusually heavy trading volume.\n<\/p>\n<p>\nThroughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that there was insufficient audit evidence to determine the business purpose of certain significant unusual transactions in Ebix\u2019s gift card business in India during the fourth quarter of 2020; (2) that there was a material weakness in the Company\u2019s internal controls over the gift or prepaid revenue transaction cycle; and (3) that the Company\u2019s independent auditor was reasonably likely to resign over disagreements with Ebix regarding $30 million that had been transferred into a commingled trust account of Ebix\u2019s outside legal counsel; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglancy-prongay-murray-llp&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=92b6761eb5eea688ea99fb5735dc9081\">LinkedIn<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FGPM_llp&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=Twitter&amp;index=6&amp;md5=8e62214c075eb7fcf37884a4b482c02b\">Twitter<\/a>, or <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FGlancyLawFirm%2F&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=Facebook&amp;index=7&amp;md5=fa20ac38679578aeb603efedaf18d0e3\">Facebook<\/a>.\n<\/p>\n<p>\nIf you purchased or otherwise acquired the Ebix securities during the Class Period, you may move the Court no later than <b>60 days from this notice <\/b>ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to <a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com%2F&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=8&amp;md5=6be589bbe8210e9307eb7cb6ddeac85c\">www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210222005999r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210222005999\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210222005999\/en\/<\/a><\/span><\/p>\n<p>\nGlancy Prongay &amp; Murray LLP, Los Angeles<br \/>\n<br \/>Charles H. Linehan, 310-201-9150 or 888-773-9224<br \/>\n<br \/>1925 Century Park East, Suite 2100<br \/>\n<br \/>Los Angeles, CA 90067<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com&amp;esheet=52383616&amp;newsitemid=20210222005999&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=9&amp;md5=b297f37b6c85baa13085d982f003d8ac\">www.glancylaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210222005999\/en\/478343\/3\/GPM_Logo_Colo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Teifke v. Ebix, Inc., et al., (Case No. 1:21-cv-01589) on behalf of persons and entities that purchased or otherwise acquired Ebix, Inc. (\u201cEbix\u201d or the \u201cCompany\u201d) (NASDAQ: EBIX) securities between November 9, 2020 and February 19, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they have until 60 days from this notice to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-441402","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Teifke v. Ebix, Inc., et al., (Case No. 1:21-cv-01589) on behalf of persons and entities that purchased or otherwise acquired Ebix, Inc. (\u201cEbix\u201d or the \u201cCompany\u201d) (NASDAQ: EBIX) securities between November 9, 2020 and February 19, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). 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LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Teifke v. Ebix, Inc., et al., (Case No. 1:21-cv-01589) on behalf of persons and entities that purchased or otherwise acquired Ebix, Inc. (\u201cEbix\u201d or the \u201cCompany\u201d) (NASDAQ: EBIX) securities between November 9, 2020 and February 19, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they have until 60 days from this notice to &hellip; Continue reading \"EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ebix, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2021-02-23T03:30:03+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210222005999r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/ebix-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ebix-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"EBIX CLASS ACTION NOTICE: Glancy Prongay &amp; 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