Ebix Inc (NASDAQ:EBIX) Long-Term Investor Alert: Investigation over potential Wrongdoing

PRLog (Press Release) - Dec. 5, 2012 - An investigation on behalf of current long-term stockholders of shares of Ebix Inc (NASDAQ:EBIX) was announced concerning whether certain Ebix officers and directors possibly breached their fiduciary duties in connection with certain statements.

Investors who are current long-term stockholder of shares of Ebix Inc (NASDAQ:EBIX), including those who current hold Ebix Inc (NASDAQ:EBIX shares since years, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Ebix officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.

Ebix Inc (NASDAQ:EBIX) reported that its annual Revenue rose from $74.75 million in 2008 to $168.97 million in 2011 and its Net Income over the respective time periods increased from $27.31 million to $71.38 million.

On Monday 5, 2012, a media report said that Ebix Inc is said to be probed by the SEC over its accounting practices. The article cited four people with direct knowledge that the U.S. Securities and Exchange Commission (“SEC”) is probing Ebix Inc over its accounting practices. The article stated that the SEC investigation is focused on revenue recognition, internal controls and the accuracy of the company’s public statements to shareholders. The same day Ebix, Inc. (NASDAQ: EBIX) commented on the article and said that its Senior management team has not been advised of nor is it aware of an any SEC investigation regarding the Company’s previous filings.

Shares of Ebix Inc (NASDAQ:EBIX) declined from as high as $24.62 per share in September 2012 to $16.17 per share on November 5, 2012.

Those who purchased shares of Ebix Inc (NASDAQ:EBIX), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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