Ebix Inc (NASDAQ:EBIX) Investor Investigation Concerning Possible Breaches Of Fiduciary Duties Announced

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Feb. 26, 2013 (Shareholders Foundation) -- An investigation on behalf of current long-term investors of Ebix Inc (NASDAQ:EBIX) shares over potential breaches of fiduciary duties by certain of its directors and officers of Ebix Inc in connection certain statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Ebix Inc (NASDAQ:EBIX) concerning whether a series of statements regarding Ebix’s business, its prospects and its operations were materially false and misleading at the time they were made.

Ebix Inc reported that its annual Total Revenue rose from $74.75 million in 2008 to $168.97 million in 2011 and its Net Income for those time periods increased from $27.31 million to $71.38 million.

Shares of Ebix Inc (NASDAQ:EBIX) traded in 2011 as high as $28.90 and in 2012 as high as $25.94.

On February 21, 2013 a report was published that alleged that Ebix Inc and its board of directors permitted in 2009 a $65.8 million loan between its Singapore subsidiary and an undisclosed related party. The report said that the loan appeared in a disclosure form filed by Atlanta-based Ebix's Singapore unit, but was never disclosed in the company's U.S. filings.

Shares of Ebix Inc (NASDAQ:EBIX) declined from $19.50 on Feb. 20, 2013 to
$12.36 per share on Feb. 22, 2013.

On Feb. 26, 2013, NASDAQ:EBIX shares closed at $14.26 per share, which is significantly below its current 52 week High.