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Investigation announced for Long-Term Investors in Ebix, Inc. (NASDAQ: EBIX) over potential Wrongdoing

09-12-2022 11:49 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of investors in Ebix, Inc. (NASDAQ: EBIX) shares over potential wrongdoing at Ebix, Inc. (NASDAQ: EBIX)

An investigation on behalf of investors in Ebix, Inc. (NASDAQ: EBIX) shares over potential wrongdoing at Ebix, Inc. (NASDAQ: EBIX)

An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Ebix, Inc..

Investors who purchased shares of Ebix, Inc. (NASDAQ: EBIX) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Ebix, Inc. officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.

Johns Creek, GA based Ebix, Inc., together with its subsidiaries, provides on-demand infrastructure software exchanges and e-commerce services to the insurance, financial, travel, and healthcare industries in the United States and internationally.

Ebix, Inc. reported that its annual Total Revenue rose from $625.6 million in 2020 to $994.93 million in 2021, and that its Net Income declined from $92.37 million in 2020, to $68.18 million in 2021.

On June 16, 2022, Hindenburg issued a short report on Ebix, Inc. titled, "Ebix: This House of "Cards" Seems To Have a Glaring Fake Revenue Problem". Hindenburg stated that in February 2021, "Ebix auditor RSM resigned because the company refused to provide evidence regarding "unusual transactions related to the Company's gift card business in India." The auditor was unable to obtain evidence to allow it to evaluate the business purposes behind the transactions. Hindenburg's review of Indian corporate records shows that these "unusual transactions" have increased since RSM's departure."

Shares of Ebix, Inc. (NASDAQ: EBIX) declined from $44.42 per share on March 10, 2022, to as low $12.50 per share on June 16, 2022.

Those who purchased shares of Ebix, Inc. (NASDAQ: EBIX) have certain options and should contact the Shareholders Foundation.

Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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