SOURCE: Sarraf Gentile LLP

July 15, 2011 20:08 ET

Sarraf Gentile LLP Encourages Investors With Losses Greater Than $200,000 From Investment in Ebix, Inc. to Inquire About the Lead Plaintiff Position in the Recently Filed Class Action Against Ebix, Inc.

NEW YORK, NY--(Marketwire - Jul 15, 2011) - Sarraf Gentile LLP announces that a class action complaint has been filed in the United States District Court for the Southern District of New York against Ebix, Inc. (NASDAQ: EBIX) and certain of the Company's officers. The action is brought on behalf of a class of all persons who purchased Ebix securities between May 6, 2009 and June 30, 2011, inclusive (the "Class Period").

Ebix supplies software and electronic commerce solutions to the insurance industry. The complaint alleges that during the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's business and financial results. According to the complaint, 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; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. The complaint further alleges that the class suffered significant losses as a result of these wrongful acts and omissions.

No class has yet been certified in the action. Until a class is certified, you are not represented by counsel unless you retain one. Sarraf Gentile LLP has not filed a lawsuit against the Defendants. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 12, 2011 and be selected by the Court. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.

If you are an Ebix shareholder and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).

Sarraf Gentile LLP has extensive experience litigating shareholder actions across the United States and has recovered millions of dollars on behalf of injured shareholders.

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Contact Information

  • Contact:

    Joseph Gentile, Esq.
    SARRAF GENTILE LLP
    One Penn Plaza, Suite 2424
    New York, NY 10119
    T 212.868.3610
    F 212.918.7967
    www.sarrafgentile.com