Ebix Class Action Lawsuit
Kyros Law Investigating Claims on Behalf of Ebix Investors
Kyros Law a Boston- based Law firm announces that a class action lawsuit has been filed against Ebix.
Did you purchase EBIX shares between May 6, 2009 and June 30, 2011? Large Loss?
Ebix which supplies software and electronic commerce solutions to the insurance industry has gotten into trouble. The class action lawsuit alleges that Ebix violated federal securities laws by issuing false and misleading statements regarding the Company's business and financial results. In particular, the Complaint alleges defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's tax provisions did not conform to Generally Accepted Accounting Principles
(2) the Company overstated its account receivables
(3) the Company consistently failed to tie customer payments to specific invoices
(4) the Company lacked adequate internal and financial controls.
A report published on 24 March 2011 called Ebix "a house of cards," alleging that:
Ebix overstated profit margins and accounts receivables
Manipulated tax liabilities
Inflated cash flows.
Ebix stock has seen a steady decline in price since the release of this report.
If you purchased EBIX in the past two years (between 5/6/09- 6/30/11) and suffered a large loss in Ebix stock, you have until September 12, 2011 to request that the Court appoint you as lead plaintiff. If your losses are large enough it is possible that the court will appoint you as the leader in the case, our law firm would like to speak to investors who have lost money investing in Ebix. Individual investors have losses ranging from $100,000 to Millions of dollars.
Kyros Law is a Boston-based law firm with significant experience representing investors in shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.
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