Eileen Epstein Carney
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
Ebix Stock Lawsuit Investigation
Software provider’s stock drops 40% after their independent auditor resigns over financial disclosure issues
On Friday, February 19, 2021, software provider Ebix Inc. (NASDAQ: EBIX) announced that its independent auditor, RSM US LLP (“RSM”), is resigning. In a letter, RSM claimed it was resigning due to “unusual transactions” related to Ebix’s gift card business in India.
On this news, Ebix’s stock dropped 27% in after-hours trading on Friday, February 19, and continued to drop as much as 40% on Monday, February 22, causing harm to investors. If you invested in Ebix, you may have a claim.
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Ebix Stock Plummets 27% Following Resignation of Independent Auditor, RSM
On Monday, February 15, 2021, Ebix’s independent auditor RSM issued a letter stating that it was resigning over the company’s inability to obtain
“sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred in the fourth quarter of 2020.”
In addition, RSM stated that there was a material weakness related to Ebix’s failure to design controls to “prevent or detect a material misstatement.” Ebix and RSM also disagreed over the accounting treatment of $30 million that had been transferred into a commingled trust account of Ebix’s outside legal counsel in December 2020.
If you invested in Ebix stock you may have a claim. Contact our securities lawyers today for a free and confidential consultation.
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We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).