This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ebix Comments On False And Inaccurate Assertions In Bloomberg Article

Ebix, Inc., (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today issued the following statement in response to an August 6, 2013 Bloomberg article regarding the Company:

Ebix is disappointed that Bloomberg published its erroneous article despite the Company's clear and unambiguous statements that allegations of money laundering were false, inaccurate and likely to cause significant financial harm to Ebix shareholders. Bloomberg chose to disregard these formal objections, relying instead on sourcing its allegations to unnamed sources, and refusing to state whether these sources were in fact plaintiffs in litigation against Ebix. In addition, Bloomberg chose to disregard the Company’s observation that this amounted to providing these anonymous individuals with a platform to advance an unknown agenda and attack a publicly traded company.

Ebix confirmed that it has no business relationship or transactional relationship with any company affiliated with the Rennes Foundation, other than the investment in Ebix common stock by the Rennes Foundation. Ebix also noted that it is company policy not to comment on individual shareholders, such as the Rennes Foundation, which is mentioned in the Bloomberg article.

On July 2, 2013, the United States District Court for the Northern District of Georgia Atlanta Division entered an Order denying the Plaintiff’s Motion for Class Certification with respect to the shareholder lawsuit concerning the same subject matter as the SEC and U.S. Attorney’s investigations.

Ebix has filed a Motion for Judgment on the Pleadings based on recent binding authority issued by the U.S. Court of Appeals for the Eleventh Circuit, which is presently pending. On July 16, 2013, the Court entered a Stipulated Order Staying Discovery Pending Resolution of Defendants’ Motion for Judgment on the Pleadings.

As previously disclosed, the Company was notified that the U.S Attorney for the Northern District of Georgia had opened an investigation into allegations of intentional misconduct that had been brought to its attention from the pending shareholder class action lawsuit against the Company’s directors and officers, the media and other sources. The pending shareholder class action lawsuit and an SEC investigation involving the same subject matters as this lawsuit were previously disclosed by the Company in its periodic reports filed with the SEC.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 0.00%
FB $117.43 0.00%
GOOG $692.36 0.00%
TSLA $232.32 0.00%
YHOO $36.01 0.00%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs