JOHNS CREEK, Ga. - Ebix, Inc. (OTC: OTC:EBIXQ), a global provider of software and e-commerce solutions, announced that the U.S. Securities and Exchange Commission (SEC) has completed its investigation into the company and decided not to pursue enforcement action. This inquiry followed concerns raised after the resignation of Ebix's auditor RSM and a critical report by Hindenburg Research.
In a separate legal victory, Ebix disclosed that it has triumphed in an appeal at the Second Circuit, resulting in the dismissal of all securities fraud allegations against the company and its executives. The lawsuit, which stemmed from the same issues that prompted the SEC investigation, was definitively closed with prejudice, meaning it cannot be refiled.
Ebix, with its extensive international reach, operates through roughly 200 offices across six continents. The company specializes in providing infrastructure exchanges for the insurance, financial, travel, and healthcare sectors. Ebix's strategy integrates physical distribution points, such as 650,000 outlets in India and other Southeast Asian countries, with an online digital platform, offering a broad range of services including money remittance, foreign exchange, and wealth management.
The company's forex services are delivered through a network that includes retail branches, kiosks at major international airports, seaports, franchise partners, corporate clients, banks, and hotels. Additionally, Ebix's travel services cater to a vast network of agents and corporate clients, while its financial technologies and business process outsourcing services support banks, asset management companies, and various industries with software solutions and IT services.
This announcement is based on a press release statement from Ebix, Inc. The resolution of the SEC investigation and the successful appeal marks a significant step for the company, potentially restoring confidence among investors and stakeholders in Ebix's governance and business practices.
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