Ebix (EBIX) In Free Fall Following Reports of SEC Investigation
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Shares of Ebix, Inc. (NASDAQ: EBIX) crashed mid-day Monday following a report from Bloomberg the company's accounting practices are being investigated by the SEC, citing four people with knowledge of the situation.
The SEC probe is said to be focused on revenue recognition, internal controls and the accuracy of the company's public statements to shareholders.
Ebix's Chairman and CEO, Robin Raina, is denying the allegations. "You could not be more off the mark -- that is a complete lie and at least not known to us in any manner whatsoever," Raina said in a statement to Bloomberg.
Shares of EBIX last traded down 19.7 percent to $18.
The SEC probe is said to be focused on revenue recognition, internal controls and the accuracy of the company's public statements to shareholders.
Ebix's Chairman and CEO, Robin Raina, is denying the allegations. "You could not be more off the mark -- that is a complete lie and at least not known to us in any manner whatsoever," Raina said in a statement to Bloomberg.
Shares of EBIX last traded down 19.7 percent to $18.
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