Ebix (EBIX) Responds to Yesterday's Sell-Off
Tweet
Share
E-mail
Get Alerts EBIX Hot Sheet
Join SI Premium – FREE
Ebix Inc. (Nasdaq: EBIX) issued a formal response to a SeekingAlpha blog post which triggered a 24 percent sell-off in the stock yesterday.
The company said it is not aware of any negative developments within the Company or in its operations that would warrant in such a sudden drop in the price of its stock.
In addition, the company refuted the random implications in a recent blog posted on Seeking Alpha about the Company:
"The Company normally does not comment on blog posts, but believes it is the author's intention to advance his interests, and the interests of other investors that have taken a position adverse to the long-term growth prospects of the company. It is management's opinion that this post misrepresents and distorts facts not relevant to the Company's current financial position, long-term growth prospects and management policies. To that end, the Company reiterates its long term growth initiatives and expansion opportunities, both domestically and internationally with an expanding distribution channel and broadening a product offering"
The company also stated it is reviewing options related to the post:
"The company is considering filing a formal complaint with the Securities and Exchange Commission's Division of Trading and Markets and Division of Enforcement, to report this anonymous blog targeted at causing a decline in shareholder value. The Company will take other appropriate action if needed to protect its business operations and the reputation of its management team, board of directors, employees and partners."
Ebix also reminded investors about the Investor Conference on April 1, 2011.
Yesterday, before the press release, Ebix issued a response to questions from StreetInsider.com about the sell-off. This response can be found here.
The company said it is not aware of any negative developments within the Company or in its operations that would warrant in such a sudden drop in the price of its stock.
In addition, the company refuted the random implications in a recent blog posted on Seeking Alpha about the Company:
"The Company normally does not comment on blog posts, but believes it is the author's intention to advance his interests, and the interests of other investors that have taken a position adverse to the long-term growth prospects of the company. It is management's opinion that this post misrepresents and distorts facts not relevant to the Company's current financial position, long-term growth prospects and management policies. To that end, the Company reiterates its long term growth initiatives and expansion opportunities, both domestically and internationally with an expanding distribution channel and broadening a product offering"
The company also stated it is reviewing options related to the post:
"The company is considering filing a formal complaint with the Securities and Exchange Commission's Division of Trading and Markets and Division of Enforcement, to report this anonymous blog targeted at causing a decline in shareholder value. The Company will take other appropriate action if needed to protect its business operations and the reputation of its management team, board of directors, employees and partners."
Ebix also reminded investors about the Investor Conference on April 1, 2011.
Yesterday, before the press release, Ebix issued a response to questions from StreetInsider.com about the sell-off. This response can be found here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Richard Lowenthal resigns from ARS Pharmaceuticals board
- Csquare prices IPO at $21 per share, raising $1.01 billion
- Gold Resource set to lose Russell 2000 index eligibility after merger
Create E-mail Alert Related Categories
Corporate News, Insiders' Blog, Momentum Movers, Trader TalkSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
