NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 23, 2021 to file lead plaintiff applications in a securities class action lawsuit against Ebix, Inc. (NasdaqGS: EBIX), if they purchased the Company’s securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased securities of Ebix and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-ebix/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 23, 2021.
About the Lawsuit
Ebix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 19, 2021, post-market, the Company disclosed the resignation of its independent auditor, RSM US LLP (“RSM”), resulting from “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” related to the Company’s gift card business in India. RSM had also stated that there was a material weakness related to the Company’s failure to design controls “over the gift or prepaid card revenue transaction cycle sufficient to prevent or detect a material misstatement.”
On this news, shares of Ebix plummeted 40%.
The case is Teifke v. Ebix, Inc., et al., 1:21-cv-01589.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
