{"id":470681,"date":"2021-04-05T08:03:34","date_gmt":"2021-04-05T12:03:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470681"},"modified":"2021-04-05T08:03:34","modified_gmt":"2021-04-05T12:03:34","slug":"lawsuit-filed-ebix-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp-3","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lawsuit-filed-ebix-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp-3\/","title":{"rendered":"LAWSUIT FILED: Ebix, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block &amp; Leviton LLP"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">BOSTON, April  05, 2021  (GLOBE NEWSWIRE) &#8212; Block &amp; Leviton LLP (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rZJuLFwuluPuqcMJIohXTC2yprTmVbXgQdLP8mW5-BkSbmwGxhW4vySDnRCouiqtaxviodeM25gKFrMT4RYtj_h6dA-Oy6wXqsnYhQCfucE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.blockleviton.com<\/a>), a national securities litigation firm, reminds investors that a lawsuit for violation of the federal securities laws has been filed against Ebix, Inc. (NASDAQ: EBIX) and certain of its executives. The deadline to move the Court to be appointed lead plaintiff is April 23, 2021.<\/p>\n<p align=\"justify\">After the markets closed on February 19, 2021, Ebix announced that RSM US LLP, Ebix\u2019s independent registered public accounting firm, had resigned on February 15, 2021. In its resignation letter, RSM stated that it was \u201cunable, 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.\u201d RSM further stated that it had identified a material weakness because Ebix\u2019s \u201cmanagement did not design or implement the necessary procedures and controls over the gift or prepaid card revenue transaction cycle to prevent or detect a material misstatement.\u201d The market was stunned by this announcement, with shares falling approximately 40% on February 22, 2021, wiping out hundreds of millions of dollars of market capitalization.<\/p>\n<p align=\"justify\">A lawsuit has been filed against Ebix and two of its executives in the U.S. District Court for the Southern District of New York. The lawsuit is captioned <em>Teifke v. Ebix, Inc., et al.<\/em>, No. 1:21-cv-01589 (S.D.N.Y.). The lawsuit alleges, among other things, that Ebix misled investors concerning the existence of a material weakness in the Company\u2019s internal controls, that there was insufficient audit evidence to determine the business purpose of certain unusual transactions in the fourth quarter of 2020.<\/p>\n<p align=\"justify\">If you purchased or acquired shares of Ebix between November 9, 2020 and February 19, 2021, you are strongly encouraged to contact the nationally-recognized securities law firm Block &amp; Leviton LLP (<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rZJuLFwuluPuqcMJIohXTCS3dwzmB6aTno_w1EjP7El2zZ7MIwJFyfGpXhXmQdOeNNvdUSPQyi67bgXOL8x5PCVYrKt190vRrMrMUUkxdvM=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.blockleviton.com<\/a>) at (617) 398-5600, via email at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=UUy85TaUW42m0wAG_A2_ZU1Krr-WpeMhAKM0AT4KhmIQTtJzqOHToHU632HXk5vFKqLwYmqZCjv5DgoelB5xfmTfLOTdBMcLmwq-JMntvIs=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">cases@blockleviton.com<\/a>, or to visit our <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=4tdkBsYp4T208j9WlqbUH6Sj7KjbNDk26gA2smgqOb4dhvQ37-ZZYBv_u2pi_xqwoI28AXVRRVFHElxx6eTN9dT7-XCYo62O8SR4Kl1f_KsbwbFysTbqWiOXe7YAiGWhe-GeludrrYVRf-g8QVHehn6DhH5Tvt2RhmRdJC96oOI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">website<\/a> for information on the case. The deadline to move the Court to be appointed lead plaintiff is April 23, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.<\/p>\n<p align=\"justify\">Block &amp; Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country\u2019s financial markets. The firm represents many of the nation\u2019s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm\u2019s lawyers have recovered billions of dollars for its clients.<\/p>\n<p>This notice may constitute attorney advertising.<\/p>\n<p>CONTACT:<br \/>BLOCK &amp; LEVITON LLP<br \/>260 Franklin St., Suite 1860<br \/>Boston, MA 02110<br \/>Phone: (617) 398-5600<br \/>Email: cases@blockleviton.com<br \/>SOURCE: Block &amp; Leviton LLP<br \/>www.blockleviton.com<\/p>\n<p \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIxMDg0MiM0MTAzOTc0IzIwMTgxMTk=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/b9438525-530a-48c8-b92b-ba72216a230d\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>BOSTON, April 05, 2021 (GLOBE NEWSWIRE) &#8212; Block &amp; Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that a lawsuit for violation of the federal securities laws has been filed against Ebix, Inc. (NASDAQ: EBIX) and certain of its executives. The deadline to move the Court to be appointed lead plaintiff is April 23, 2021. After the markets closed on February 19, 2021, Ebix announced that RSM US LLP, Ebix\u2019s independent registered public accounting firm, had resigned on February 15, 2021. In its resignation letter, RSM stated that it was \u201cunable, 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/lawsuit-filed-ebix-inc-sued-for-violations-of-the-federal-securities-laws-investors-should-contact-block-leviton-llp-3\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;LAWSUIT FILED: Ebix, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block &amp; Leviton LLP&#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-470681","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>LAWSUIT FILED: Ebix, Inc. 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In its resignation letter, RSM stated that it was \u201cunable, 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 &hellip; Continue reading &quot;LAWSUIT FILED: Ebix, Inc. 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