|Company Name||Ebix, Inc.|
The investigation concerns whether Ebix violated federal securities laws and/or engaged in other unlawful business practices. On October 5, 2018, Ebix announced that the company had approved the appointment of T R Chadha & Co. LLP as Ebix’s independent registered public accounting firm for the 2018 fiscal year, replacing Cherry Bekaert LLP. On this news, Ebix’s share price fell more than 19% to close at $58.10 per share on October 8, 2018, thereby injuring investors.
Then, from December 3, 2018 to December 13, 2018, Viceroy Research Group published a series of reports, alleging, among other things, that Ebix is “booking external revenues on transactions between its subsidiaries.” Following these disclosures, the Company’s share price declined, thereby further injuring investors.
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