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Boston, Massachusetts--(Newsfile Corp. - February 22, 2021) - Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that it is investigating Ebix, Inc. (NASDAQ: EBIX) for potential violations of the federal securities laws.
Before the markets opened on February 22, 2021, Ebix issued a press release announcing that RSM US LLP, Ebix's independent registered public accounting firm, had resigned on February 15, 2021. In its resignation letter, RSM stated that it was "unable, despite repeated inquiries, to obtain appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020." RSM further stated that it had identified a material weakness because Ebix's "management did not design or implement the necessary procedures and controls over the gift or prepaid card revenue transaction cycle to prevent or detect a material misstatement." The market was stunned by this announcement, with shares plunging by over 50% during intraday trading.
Block & Leviton LLP (www.blockleviton.com) is investigating whether Ebix and certain of its executives may be liable for securities fraud. If you purchased or acquired shares of Ebix and have questions about your legal rights or possess information relevant to this investigation, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or visit our website for information on the case.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75104