NEW YORK, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Ebix, Inc. (“Ebix” or the “Company”) (NASDAQ: EBIX).
On February 22, 2021, Ebix disclosed in an SEC filing that on February 15, 2021, the Company’s independent registered public accounting firm, RSM US LLP, notified Ebix of its resignation, effective immediately. The SEC filing states that RSM informed the Company that there was a dispute over the classification of $30 million. Further, the SEC filing states as follows:
“RSM . . . advised the Chairman . . .that it was resigning as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020, including whether such transactions have been properly accounted for and disclosed in the financial statements subject to the Audit. RSM informed the Chairman that the unusual transactions concerned the Company’s gift card business in India. RSM asserts that on that call it further advised the Chairman that if this requested information was further investigated it might materially impact the fairness or reliability of the financial statements. . . .but that since RSM had resigned, no further investigation would occur.”
Following this news, Ebix’s shares fell by over 40%, more than $20 per share, during midday trading on February 22, 2021.
If you purchased or otherwise acquired Ebix securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com