Ebix Reports Conclusion of SEC Investigation and Dismissal of All Pending Securities Claims Against Ebix and Its Officers in United States District Court for the Southern District of New York (SDNY)

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Business Wire India

Ebix, Inc. (OTC: EBIXQ) a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, announced today that the Securities and Exchange Commission (SEC) has concluded its investigation of Ebix and officially communicated that it does not intend to recommend an enforcement action by the SEC against Ebix. This non-public investigation was carried out by the SEC in response to the RSM resignation and the subsequent Hindenburg short report.
 
In another event, Ebix also announced that it has won the Second Circuit appeal in the United States District Court for the Southern District of New York (SDNY), with all the pending securities fraud claims against Ebix and its officers, filed in the SDNY being dismissed with prejudice and the dismissal affirmed on appeal. This class action suit – Ebix, Inc. (“Ebix”) vs. Rahul Saraf (the “Plaintiff”), was filed in the SDNY after the RSM resignation and the subsequent Hindenburg short report.