NEW YORK, Feb. 25, 2013 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Ebix, Inc. ("Ebix" or the "Company") (NASDAQ : EBIX ), concerning whether the board has breached its fiduciary duties to shareholders.
On February 21, 2013, it was disclosed that Ebix and its board of directors permitted a 2009 related-party loan in the amount of $65.8 million to be concealed from the investing public contrary to generally accepted accounting practices. As a result, Ebix has become the target of an investigation by federal and state regulatory authorities. On this news, the Company's shares lost more than 27% of their value over the past week.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Ebix shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP