Science & Technology
Wed, March 30, 2011Tue, March 29, 2011Mon, March 28, 2011Sun, March 27, 2011Sat, March 26, 2011Fri, March 25, 2011Thu, March 24, 2011Wed, March 23, 2011Tue, March 22, 2011Mon, March 21, 2011Kahn Swick & Foti, LLC and Former Louisiana Attorney General Announce Investigation Into Ebix, Inc. Following 24% Stock Decline
Published in Science and Technology on Thursday, March 24th 2011 at 16:05 GMT by Market Wire
NEW ORLEANS--([ BUSINESS WIRE ])--Kahn Swick & Foti, LLC (aKSFa) and Former Attorney General of Louisiana, Charles C. Foti, Jr. announce the commencement of an investigation into Ebix, Inc. (aEbixa or the aCompanya) (Nasdaq: EBIX) following a report published on Seeking Alpha questioning the Companya™s practices.
The article stated:
We believe that EBIX is nothing more than a roll-up that has materially misrepresented its business (relative to the CEOa™s buzz words) as well as its organic growth. Its business model is predicated on two principals: tax arbitrage and dramatic cost cuts (headcount reductions and offshoring), neither of which is sustainable. Further, the companya™s tax arbitrage may be more than ajusta unsustainable, it may actually be illegal.
EBIXa™s problems run deeper than unusual accounting. The EBIX story also comes with multiple auditor resignations, governance abuses, misrepresented organic growth, questionable cash flow and a contentious CEO.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights as a shareholder, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ([ lewis.kahn@ksfcounsel.com ]), toll free 1-877-515-1850, after hours via cell phone 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ([ neil.rothstein@ksfcounsel.com ]), toll free at 877-694-9510, or after hours via cell phone 330-860-4092.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation,2:07-cv-05619-SDW-MCA (D. N.J.),Co-Lead Counsel, $19.5 million settlement; In re BigBand Networks, Inc Securities Litigation,3:07-CV-05101-SBA (C.D. Cal.),Co-Lead Counsel,$11 million settlement;In re U.S. Auto Parts Networks, Inc. Securities Litigation,2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit[ www.ksfcounsel.com ].
