Ebix Pays $6.5M To End Securities-Misconduct Class Action
By Kurt Orzeck (February 6, 2014, 6:38 PM EST) -- A federal judge in Georgia on Tuesday preliminarily approved a class action settlement in which insurance software developer Ebix Inc. will pay $6.5 million to settle claims that its executives misled investors about Ebix's revenues and earnings, leading to artificially inflated stock prices.
If the deal is realized, it will settle all claims accusing Ebix, CFO Robert Kerris, and Chairman, President and CEO Robin Raina of disseminating material, false and misleading statements in press releases, analyst conference calls and filings with the U.S. Securities and Exchange Commission.
The shareholder class action contributed to increased scrutiny over allegations of misconduct, after which...
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