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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Ebix, Inc.
Law Firm Business |
2011/07/16 05:21
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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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Regulators shut 4 small banks in 3 states
Headline News |
2011/07/15 09:22
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Regulators on Friday shut down four small banks in three states, boosting to 55 the number of U.S. bank failures this year.
The overall pace of closures, however, has slowed this year as banks work their way through piles of bad debt. A slow, but improving U.S. economy also has helped stem the number of bank casualties this year. By this time last year, regulators had closed 96 banks.
The Federal Deposit Insurance Corp. seized High Trust Bank in Stockbridge, Ga., One Georgia Bank in Atlanta, First Peoples Bank in Port St. Lucie, Fla., and Summit Bank in Prescott, Ariz.
The action brings to 16 the number of lenders to collapse this year in Georgia. In Florida, the tally is now seven, while in Arizona it's now two.
High Trust had about $192.5 million in assets and $189.5 million in deposits, while One Georgia had about $186.3 million in assets and $162.1 million in deposits. First Peoples had about $228.3 million in assets and $209.7 million in deposits. |
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Biesecker named to NC investigations, court beats
Legal Watch |
2011/07/12 16:24
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Michael Biesecker, an award-winning reporter and investigative journalist for The News & Observer of Raleigh, has been hired by The Associated Press to cover federal courts, investigations and politics in North Carolina.
Biesecker is a North Carolina native and has spent his 15-year-career in his home state. He worked at the Winston-Salem Journal in a variety of positions including as a columnist and reporter before going to work for The News & Observer in 2003. He has covered the state capital for the newspaper since 2009.
His work probing the failings of North Carolina's mental health care system in 2008 uncovered more than 80 questionable deaths in state mental hospitals. The newspaper's series "Mental Disorder: The Failure of Reform" led to new policies on how state facilities report deaths and monitor care. He has won numerous awards from the North Carolina Press Association, including for general news and for investigative reporting. In 2008, he was part of a team that won an Associated Press Managing Editors Association First Amendment Award for reporting on access to email written by public officials.
The appointment was announced Monday by South Editor Lisa Marie Pane, Chief of Bureau Michelle Williams and Carolinas News Editor Evan Berland.
"Biesecker has some serious reporting chops and we're looking forward to his using those to cover the vitally important federal courts beat and being involved in some important investigative projects," Pane said. |
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Legal questions raised on NY's gas-drilling rules
Top Legal News |
2011/07/12 16:23
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While an energy industry economist says New York's proposal to place large areas off-limits to gas drilling is overly restrictive, an environmental lawyer says the proposed watershed protections don't go far enough.
The Department of Environmental Conservation posted its 700-plus-page blueprint for hydraulic fracturing in the lucrative Marcellus Shale region on its website on Friday, allowing industry and environmental groups to start dissecting the proposed plan to allow gas drilling in an area where it's been on hold since 2008.
More than 3,300 gas wells have been drilled since 2005 across the border in Pennsylvania, bringing new jobs and economic benefits as well as environmental problems such as accidental chemical spills, gas-tainted well water and river pollution. New York state regulators have upheld permitting for three years while they conduct an environmental review and draft new regulations.
The proposed New York rules include a section describing several gas-drilling operation accidents in Pennsylvania and outlining New York's measures designed to mitigate such incidents.
"Our biggest concern is the restrictions that have been added," said John Felmy, chief economist for the American Petroleum Institute. "In particular, the New York City and Syracuse watersheds, and taking state lands off the table. Those are big areas."
Felmy said natural gas development in New York's economically depressed Southern Tier would bring billions of dollars in economic activity, thousands of jobs, and new tax revenues. But a coalition of 47 health and environmental groups has called for a statewide ban on hydraulic fracturing for natural gas, saying it poses unacceptable risks. |
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Court: Gov't must state position on gay troop ban
Legal News |
2011/07/12 16:23
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A federal appeals court that has called for the immediate halt of the military's ban on openly gay troops issued an order Monday requiring the U.S. government to state whether it will continue to defend the policy's constitutionality in court.
Monday's order comes less than a week after the 9th U.S. Circuit Court of Appeals in San Francisco told the Obama administration to immediately cease enforcing the "don't ask, don't tell" policy, which could speed up its repeal.
The ruling stems from a lawsuit filed by the Log Cabin Republicans against the Department of Justice.
The gay rights group last year persuaded a lower court judge to declare the ban unconstitutional after a trial that put the Obama administration in the position of defending a policy it opposes.
DOJ attorneys have said they are defending the policy in court as they do with any law that is being challenged. They also have said the issue should be decided by Congress and not the courts.
The three-judge merits panel of the 9th Circuit said after reviewing briefs from both parties in the case, that it appears the government is not prepared to defend the policy's constitutionality.
The order was not signed by the judges and it was not known if the three jurists were the same ones who ruled last week on stopping its enforcement. |
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Illinois Supreme Court upholds public works plan
Legal Watch |
2011/07/11 16:23
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The Illinois Supreme Court has unanimously upheld a law that created a $31 billion statewide construction program, averting a threat to the thousands of jobs the projects created.
The decision also removes a roadblock to allowing video gambling at bars, restaurants and truck stops across Illinois.
The court on Monday unanimously rejected arguments that lawmakers improperly mixed different issues in a single law.
Lawmakers approved the public works program in 2009, deciding to fund the construction by raising taxes on liquor and candy, as well as legalizing video gambling.
Chicago Blackhawks owner and liquor distributor Rocky Wirtz challenged the law. An appeals court agreed with him that it violated a requirement that laws be limited to one topic. The Supreme Court said it all was connected to the construction program. |
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Ballard Spahr says Stewart new chair of national law firm
Legal News |
2011/07/06 15:43
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Law firm Ballard Spahr LLP says that Mark Stewart, who helped the firm open six new offices, has been named its chair.
The law firm — its headquarters are in Philadelphia — said Stewart became chair on Friday, succeeding Arthur Makadon who took the position in 2002. He is returning to active practice with the firm.
Stewart joined the firm as a summer associate in 1981.
Ballard Spahr has more than 475 lawyers in 13 offices across the U.S. and offers litigatition, business and finance, real estate, intellectual propery and public finance services. |
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