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Ryan & Maniskas, LLP Announces Class Action Lawsuit
Class Action News |
2011/07/16 04:27
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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
Business Law Info |
2011/07/15 19:27
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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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Soldiers seek foreclosures class action
Class Action News |
2011/07/15 16:25
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Lawyers said they hope to get class action certification in New York for an increasing number of active-duty U.S. soldiers fighting mortgage foreclosures.
A federal lawsuit filed in the U.S. District Court in New York alleges CitiMortgage should have done a quick Internet check before foreclosing on the home of Army Sgt. Jorge Rodriguez of Del Valle, Texas, the Pittsburgh Post-Gazette reported Thursday.
In 2003, Rodriguez purchased a home with a mortgage eventually sold to CitiMortgage. He was deployed in 2006, and while he was in training at Fort Hood, Texas, the mortgage company sold his home in a foreclosure sale, the newspaper said.
Rodriguez was sent to Iraq and was on active duty until August 2007.
The federal Servicemembers Civil Relief Act prohibits the foreclosure sale of an active-duty soldier's home without a highly detailed court order. Lenders can access a certain Web site to learn whether a soldier is on active duty, the newspaper said.
"It's just an issue that we have seen percolating throughout the country," said Gary Lynch of Sewickley, Pa., an attorney for the plaintiffs. "Major lenders operated on perhaps what might be a fundamental misunderstanding of the requirements of the statute."
The complaint indicates CitiMortgage may have "initiated thousands of foreclosure proceedings ... without adequate safeguards to ensure that service members on active duty were not targeted." |
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Women guilty of having 80 cats in car
Court Feed News |
2011/07/14 13:39
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Two New York women have pleaded guilty to animal cruelty charges after 80 cats were found in two cars in Vermont.
They were arrested last October. At the time police said they were driving from shelter to shelter trying to put some of the cats up for adoption.
Sixty-two-year-old Bertha Ryan and 55-year-old Regina Millard, who are sisters from Troy, N.Y., each pleaded guilty Tuesday in court in Bennington to 13 misdemeanor counts of cruelty to an animal.
The Bennington Banner reports that the two women received 18-month deferred sentences. As part of their sentences, they must undergo mental health treatment and they are forbidden from having animals.
Officials have found homes for most of the cats. Some were euthanized. |
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Mayor of NM town pleads guilty to gun smuggling
Legal Career News |
2011/07/14 12:40
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The former mayor of a small New Mexico border town has pleaded guilty to charges he participated in a gun smuggling ring that federal prosecutors said sent hundreds of guns into Mexico, authorities said Wednesday.
Eddie Espinoza faces 65 years in prison. The 51-year-old was arrested in March along with two other Columbus town officials — police chief Angelo Vega and former trustee Blas Gutierrez. The three were among a dozen people charged in the federal sting.
United States Attorney John E. Murphy of West Texas announced Wednesday afternoon that Espinoza pleaded guilty to one count of conspiracy, three counts of making false statements in the acquisition of firearms and three counts of smuggling firearms from the United States during a hearing Tuesday before U.S. Magistrate Judge William P. Lynch in Las Cruces.
"I am glad to hear about it," said Rosemary Zamora, who lost her job as a town police officer earlier this week because of the town's dire financial condition, which current officials blame on the indicted men.
"It's affected the whole community. We can't even get any grants because the government doesn't trust Columbus anymore," she said.
Earlier this week, the town's board of trustees shut down Columbus's three-member police department and reduced other employees' hours in an attempt by new Mayor Nicole Lawson to stabilize the budget. |
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Domino's sued after Texas deliveryman's death
Court Feed News |
2011/07/14 11:40
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Domino's is being sued by the widow of a Texas employee who died a year after being robbed and beaten with a baseball bat by teens who lured the deliveryman to a vacant house.
The lawsuit alleges the company was negligent in failing to follow safety procedures and seeks "all damages" available under state law to Fred Rein's widow, Jackie, plus exemplary and punitive damages. The suit filed Monday in Tarrant County names as defendants the local franchise and national corporation, including Mark of Excellence Pizza Co., Domino's Pizza and Domino's Pizza Franchising, the Fort Worth Star-Telegram reported.
"The purpose of this lawsuit is to ensure that nothing this tragic ever happens to anybody else," said attorney Geno Borchardt, who represents Jackie Rein.
Borchardt said the teens used a prepaid cell phone to place a phony order, and that Domino's had never before delivered pizza to the vacant Fort Worth house. When Rein arrived with the pizzas that night in 2009, he was attacked and suffered brain damage. His death 14 months later was ruled a homicide.
Domino's spokesman Tim McIntyre said the company does not comment on lawsuits but is saddened by the loss and sorry for Rein's family.
The three teens were charged as juveniles, but the cases went to court before Rein died. |
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