VIEWS: 10 PAGES: 1 CATEGORY: Press Releases POSTED ON: 8/2/2011
SAN DIEGO--(EON: Enhanced Online News)--Robbins Umeda LLP announces investigation into Ebix, Inc. (NASDAQ: EBIX) following allegations the company filed improper statements with the SEC and engaged in other questionable business practices img border='0' title='Add to Google' alt='
Robbins Umeda LLP Announces an Investigation of Ebix, Inc. August 02, 2011 05:55 PM Eastern Daylight Time SAN DIEGO--(EON: Enhanced Online News)--Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Ebix, Inc. (NASDAQ: EBIX). Ebix develops on-demand software and e-commerce solutions for the insurance industry. The company maintains large insurance data exchanges and offers software development, customization, and consulting services for insurance providers. The company was founded in 1976 and is headquartered in Atlanta, Georgia. If you own stock in Ebix and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website. Robbins Umeda LLP's investigation focuses on whether the directors and officers of Ebix harmed the company by breaching their fiduciary duties to shareholders. In particular, Robbins Umeda LLP is investigating allegations that Chief Executive Officer Robin Raina, and other fiduciaries at the company, made improper statements about Ebix's true financial condition and business practices. On March 24, 2011, a report was released by financial analysts disclosing numerous examples of serious misconduct at company. The report detailed allegations that the company used highly questionable tax arbitrage strategies, misrepresented organic growth and cash flow figures in statements filed with the U.S. Securities and Exchange Commission, and ignored the warnings of numerous independent auditors, such as KMPG, who have since resigned from the company. On this news, shares of Ebix's stock lost 24% of their value on the day, closing at just $22.52 per share. Furthermore, in the weeks since news of these practices first surfaced, the company has increasingly become the focus of costly public scrutiny, and shares of Ebix have continued to decline in value, closing at just $19.69 on July 29, 2011. Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. For more information, please go to http://www.robbinsumeda.com. Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/ebix-inc/ Attorney Advertising. Past results do not guarantee a similar outcome. Contacts Robbins Umeda LLP Gregory E. Del Gaizo, 800-350-6003
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