LOS ANGELES, Feb. 25, 2021 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Ebix, Inc. ("Ebix" or "the Company") (NASDAQ: EBIX) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between November 9, 2020 and February 19, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before April 26, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Ebix lacked audit evidence to prove legitimate purposes for large and unusual transactions in its India gift card business. The Company suffered from material weaknesses in internal controls over gift cards and prepaid revenue. The Company's auditor was likely to resign over $30 million put into a trust account commingled with its outside legal counsel. Based on these facts, the Company's public statements were false and materially misleading. When the market learned the truth about Ebix, investors suffered damages.
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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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SOURCE The Schall Law Firm