LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Ebix, Inc. (“Ebix” or “the Company”) (NASDAQ: EBIX) for violations of the securities laws and potential breaches of fiduciary duty on the part of its directors and management.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Ebix announced on February 22, 2021, that RSM US LLP, Ebix's independent registered public accounting firm, had resigned on February 15, 2021. RSM stated in its resignation letter that it was "unable, despite repeated inquiries, to obtain appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020." RSM also stated that the Company’s "management did not design or implement the necessary procedures and controls over the gift or prepaid card revenue transaction cycle to prevent or detect a material misstatement." Shares of Ebix plunged sharply in intraday trading on the same day based on this news.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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