SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

July 15, 2011 15:24 ET

Levi & Korsinsky Notifies Investors With Losses on Their Investment in Ebix, Inc. of Class Action Lawsuit and the September 12, 2011 Lead Plaintiff Deadline

NEW YORK, NY--(Marketwire - Jul 15, 2011) - Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Ebix, Inc. (or the "Company") (NASDAQ: EBIX) who purchased shares between May 6, 2009 and June 30, 2011 (the "Class Period").

For more information, click here: http://zlk.9nl.com/ebix/.

The complaint alleges that during the Class Period, defendants violated federal securities laws by issuing false and misleading statements regarding the Company's business and financial results. In particular, the Complaint alleges defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's tax provisions did not conform to Generally Accepted Accounting Principles; (2) the Company overstated its account receivables; (3) the Company consistently failed to tie customer payments to specific invoices; (4) the Company lacked adequate internal and financial controls.

On March 24, 2011, Seeking Alpha published a report calling Ebix "a house of cards," alleging that, among other allegations, Ebix overstated profit margins and accounts receivables, manipulated tax liabilities, and inflated cash flows. Shares of Ebix have continued to decline in price since the release of this report.

If you are a member of the class and suffered a loss in Ebix stock, you have until September 12, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Eduard Korsinsky, Esq. either via email at ek@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/ebix-inc-ebix.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com