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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Ebix, Inc.
Press Release |
2011/07/15 21:31
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Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/ebix) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Ebix, Inc. ("Ebix" or the "Company") (NASDAQ: EBIX) between May 6, 2009 through June 30, 2011, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/ebix.
Ebix supplies software and electronic commerce solutions to the insurance industry. The Complaint alleges that during the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's business and financial results. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's tax provisions did not conform to Generally Accepted Accounting Principles; (2) the Company overstated its account receivables; (3) the Company consistently failed to tie customer payments to specific invoices; (4) the Company lacked adequate internal and financial controls; and (5) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On March 24, 2011, Seeking Alpha published a report ("Report”) accusing the Company of engaging in a number of accounting manipulations, including: (a) manipulating stated organic growth; (b) overstating profit margins; (c) overstating its accounts receivables; (d) manipulating tax liabilities; and (e) inflating cash flows. The Report concluded that the Company’s "problems run deeper than accounting. The EBIX story also comes with multiple auditor resignations, governance abuses, misrepresented organic growth, questionable cash flow and a contentious CEO.” On this news, the Company’s shares plummeted $7.20 per share, or nearly 24%, to close on March 24, 2011, at $22.52 per share, on unusually heavy trading volume.
On June 30, 2011, the media reported that the shareholders of Peak Performance Solutions, Inc. ("Peak”), who sold their business to Ebix, filed a lawsuit in the United States District Court for the Southern District of Ohio, claiming that Ebix was consistently unable to bill customers properly, tie customer payments to invoices, and provide basic financial data or calculate revenues for Peak. On this news, the Company's shares declined an additional $1.30 or more than 6% and closed at $19.05.
If you are a member of the class, you may, no later than September 12, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/ebix or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at rmaniskas@rmclasslaw.com. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. |
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Law Firm To Collect $35M In Forfeited Bonds
Legal Business |
2011/07/11 00:51
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A law firm will be appointed to collect about $35 million in forfeited bonds owed to Dallas County.
District Attorney Craig Watkins said Wednesday that a law firm, to be selected later, will get to keep 25 percent of the amount collected.
A recent local newspaper review found that many of the uncollected defaulted judgments date back decades. The newspaper reports that Dallas County has been hampered by outdated computers, poor oversight and lack of coordination among departments.
Defendants post bond to get out of jail, paying bondsmen usually 10 percent of the amount set by a judge. If the person doesn’t show up for court, a warrant is issued and the bond is forfeited.
The review found many companies failed to pay Dallas County the full amount. |
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Ex-law firm office manager sentenced for theft
Headline Legal News |
2011/07/11 00:50
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The former office manager of a northern New Jersey law firm has been sentenced to seven years in prison for stealing more than $400,000 from her employers.
The firm's owners say the thefts Beth Friedland committed between 2003 and January 2010 caused serious financial problems and forced them to lay off staff and associates. The Roxbury Township resident pleaded guilty in March to theft by unlawful taking, admitting she stole $448,721 from the Chatham-based firm of Maloof, Lebowitz, Connahan &Oleske.
The firm, though, claims Friedland took $1.1 million overall and has sued her to regain those funds.
Friedland must serve about 17 months of the sentence imposed Friday before becoming eligible for parole. Her husband, Alex Cruz, who pleaded guilty to conspiracy, was sentenced Friday to three years probation. |
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Lawyer defends Nevada truck firm in Amtrak crash
Legal Business |
2011/07/11 00:50
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A lawyer for the Nevada trucking company whose tractor-trailer slammed into an Amtrak train, killing six people, defended the company’s safety record Thursday and said it was not at fault in two previous accidents cited in state safety records.
John Davis Trucking Co. has been cooperating with local, state and federal investigators and is as anxious as anyone to learn why the driver who died in the June 24 crash ignored flashing lights and crossing gates before skidding the length of a football field into the side of the train, Steven Jaffe of Las Vegas said.
But he said four negligence lawsuits filed against the Battle Mountain company — combined with the ongoing investigation by the National Transportation Safety Board — has kept the brothers who own the family-run business from sharing information that would help shed more light on the tragedy.
“There’s a lot more than meets the eye,” Jaffe told The Associated Press. “I think when it all comes down to it, the public is going to see a very different John Davis Trucking than was originally put out there.
“I believe the evidence will show their conduct was defensible in all of this,” he said. “I have a great deal of trust in the legal system, and if some day we go in front of a jury, I’m confident it will give us the chance to say that we did everything right.”
Federal records reviewed by the AP show the state Department of Public Safety cited the company for 16 vehicle maintenance violations over the past two years and noted it had been involved in two crashes during that period, including one in February 2010 that injured a person in Washoe County. |
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Lawyer sentenced in insider trading scheme in NYC
Headline Legal News |
2011/07/07 09:56
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A New Jersey lawyer was sentenced Thursday to 2 1/2 years in prison for his role in a hedge fund insider trading scheme as the judge said it was important to send a message of deterrence to Wall Street and to lawyers nationwide.
Arthur Cutillo teamed with another lawyer at a prominent Manhattan law firm to provide tips about mergers and acquisitions of public companies to friends trading stocks professionally.
Cutillo must report to prison in September. U.S. District Judge Richard Sullivan also ordered the 34-year-old Newark, N.J., resident to forfeit $378,608, which represents a portion of the roughly $7 million that authorities estimate was illegally made by traders as a result of inside information from a variety of sources in the case.
Cutillo, who apologized before he was sentenced, was among those arrested in 2009 when U.S. Attorney Preet Bharara unveiled what he said was the biggest hedge fund insider trading case in history.
After the sentence was announced, Bharara said: "With today's sentence, he now joins a growing group of privileged professionals who are paying a high price for insider trading."
Cutillo admitted providing tips to a former college friend in 2007 and 2008 about secrets he learned at the international firm Ropes & Gray. In return, he received $32,500 in cash, part of $100,000 paid to Cutillo and another Ropes & Gray lawyer in return for stock tips.
The prosecution also resulted in the conviction of Raj Rajaratnam, a one-time billionaire who the government said made tens of millions of dollars through inside information provided by longtime friends carrying secrets about public companies.
Sullivan cited Cutillo's challenging family circumstances, including two children with special needs, as reasons that he did not boost the sentence beyond the minimum recommended in a plea deal with prosecutors. |
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