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BOSTON, May 09, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, is investigating whether Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX) and certain of its officers and directors violated federal securities laws.
On March 1, 2018, Cherry Bekaert LLP, the Company’s outside auditor, expressed an adverse opinion about Ebix's internal controls over financial reporting.
On October 5, 2018, Ebix announced that it was replacing Cherry Bekaert LLP with a new outside auditor. This news drove the price of Ebix shares down $14.18, or about 19.6%, to close at $57.94 on October 8, 2018.
More recently, on December 11, 2018, an investigative financial research group published a report focusing on the Company's M&A-related activity. The group reported, in part, that it had found (a) numerous accounting discrepancies regarding recognition of goodwill and acquisitions, and (b) evidence it believes Ebix is perpetrating a scheme to incorrectly book revenue and earnings.
News of this report drove the price of Ebix shares down $3.02, or about 6%, to close at $44.90 on December 11, 2018. Following this disclosure, Ebix’s stock price fell more than 12%.
If you purchased or otherwise acquired Ebix securities on or before December 11, 2018 and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact attorney Dan DeMaria at (888) 868-2385, by email at email@example.com, or by visiting http://shareholder.law/?case=ebix.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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SOURCE Block & Leviton LLP