{"id":448722,"date":"2021-03-02T12:33:17","date_gmt":"2021-03-02T17:33:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=448722"},"modified":"2021-03-02T12:33:17","modified_gmt":"2021-03-02T17:33:17","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-ebix-inc-ebix-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-ebix-inc-ebix-2\/","title":{"rendered":"Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ebix, Inc. (EBIX)"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n LOS ANGELES<\/span>, March 2, 2021<\/span> \/PRNewswire\/ —\u00a0Glancy Prongay<\/span> & Murray LLP<\/a> (“GPM”) reminds investors of the upcoming\u00a0April 23<\/span>, 2021\u00a0<\/b>deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX) securities between November 9, 2020<\/span> and February 19, 2021<\/span><\/b>, inclusive (the “Class Period”). Ebix investors have until April 23, 2021<\/span><\/b>to file a lead plaintiff motion. <\/p>\n

If 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 https:\/\/www.glancylaw.com\/cases\/ebix-inc\/<\/a>.\u00a0You can also contact Charles H. Linehan<\/span>, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com<\/a> to learn more about your rights.<\/p>\n

On February 19, 2021<\/span>, after the market closed, Ebix revealed that its independent auditor, RSM US LLP (“RSM”), resigned “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” related to the Company’s gift card business in India<\/span>. 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.” In addition, Ebix and RSM disagreed over the accounting treatment of $30 million<\/span> that had been transferred into a commingled trust account of Ebix’s outside legal counsel in December 2020<\/span>.<\/p>\n

On this news, the Company’s share price fell as much as $20.24<\/span>, or approximately 40%, to close at $30.50<\/span> on February 22, 2021<\/span>, on unusually heavy trading volume.<\/p>\n

Throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company’s 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’s gift card business in India<\/span> during the fourth quarter of 2020; (2) that there was a material weakness in the Company’s internal controls over the gift or prepaid revenue transaction cycle; and (3) that the Company’s independent auditor was reasonably likely to resign over disagreements with Ebix regarding $30 million<\/span> that had been transferred into a commingled trust account of Ebix’s outside legal counsel; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n

Follow us for updates on LinkedIn<\/a>, Twitter<\/a>, or Facebook<\/a>.<\/p>\n

If you purchased or otherwise acquired Ebix securities\u00a0during the Class Period, you may move the Court no later than\u00a0April 23, 2021<\/span><\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire<\/span>, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California<\/span> 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com<\/a>, or visit our website at www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased. <\/p>\n

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. <\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/glancy-prongay–murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-ebix-inc-ebix-301238710.html<\/a><\/p>\n

SOURCE Glancy Prongay<\/span> & Murray LLP<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire LOS ANGELES, March 2, 2021 \/PRNewswire\/ —\u00a0Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming\u00a0April 23, 2021\u00a0deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX) securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”). Ebix investors have until April 23, 2021to file a lead plaintiff motion. If 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 https:\/\/www.glancylaw.com\/cases\/ebix-inc\/.\u00a0You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free … <\/p>\n

Continue reading “Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ebix, Inc. (EBIX)”<\/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-448722","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGlancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ebix, Inc. 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(“Ebix” or the “Company”) (NASDAQ: EBIX) securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”). Ebix investors have until April 23, 2021to file a lead plaintiff motion. If 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 https:\/\/www.glancylaw.com\/cases\/ebix-inc\/.\u00a0You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free … Continue reading "Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Ebix, Inc. 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