SHAREHOLDER ALERT: Law firm Pomerantz is investigating claims on behalf of Ebix, Inc. investors.
NEW YORK, July 5, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors in Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529 ext. 7980.
The investigation focuses on whether Ebix and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On June 16, 2022, Hindenburg Research released a report titled “Ebix: This House of ‘Cards’ Sems To Have a Glaring Fake Revenue Problem” (the “Hindenburg Report”). The Hindenburg report stated, among other things, that “[i]not February 2021Ebix’s auditor, RSM, resigned because Ebix failed to provide evidence regarding “unusual transactions related to the company’s gift card business in India‘”; that “company documents reveal that unusual transactions appear to have accelerated since the auditor’s resignation”; that Ebix appears to have misrepresented the existence and/or sales of its distribution network of EbixCash detail; and that “the virtually never-claimed feature” of the company’s app “did not work”. The Hindenburg report stated that “[w]We believe that a substantial portion of EbixCash’s gift card revenue is non-existent.”
At this news, the EbixCash share price fell $8.81 per share, or 37.65%, to close at $14.59 per share on June 16, 2022.
The firm Pomerantz, with offices in New York, Chicago, Los Angelesand Paris is recognized as one of the leading firms in the areas of corporate litigation, securities and antitrust. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 80 years later, the Pomerantz Company continues the tradition he established, fighting for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The firm recovered numerous multimillion-dollar damages on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP