SAN FRANCISCO, Jan. 22, 2019 /PRNewswire/ -- Hagens
Berman Sobol Shapiro LLP reminds investors in Ebix, Inc. (NASDAQ: EBIX) of the Firm's ongoing investigation of possible
disclosure violations. If you purchased or otherwise acquired Ebix securities between September
1, 2017 and December 10, 2018 and suffered losses contact Hagens Berman Sobol Shapiro
LLP. For more information visit:
https://www.hbsslaw.com/cases/EBIX
or contact Reed Kathrein, who is leading the firm's investigation, by calling
510-725-3000 or emailing
EBIX@hbsslaw.com.
On October 5, 2018, Ebix and management announced they decided to replace the Company's outside
auditor Cherry Bekaert LLP and to appoint TR Chadha & Co. LLP as Ebix's new outside auditor.
This news drove the price of Ebix shares down $14.18, or about 19.6%, to close at $58.10 on October 8, 2018.
Previously, on March 1, 2018, Cherry Bekaert expressed an adverse
opinion about Ebix's internal controls over financial reporting.
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, it found (a) numerous accounting
discrepancies regarding recognition of goodwill and acquisitions, and (b) evidence it believes is 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.
"We're focused on investors' losses, whether Ebix's historical financial statements require correction, the circumstances
surrounding the decision to replace Cherry Bekaert, and whether the research group's conclusions
are correct," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Ebix should consider their options to help in the
investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide
original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at 510-725-3000 or email EBIX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents
investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found
at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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