Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
finance and healthcare industries, today announced that, following
the June 5, 2014, final fairness hearing, on June 11, 2014, the
United States District Court for the Northern District of Georgia
entered a Final Order and Judgment Approving the Class Action
Settlement and Plan of Allocation and Certifying the Settlement
Class in the shareholder securities class action styled In re Ebix,
Inc. Securities Litigation, Master File No. 1:11-CV-02400-RWS (N.D.
Ga.), which was filed in 2011 on behalf of a class consisting of
those persons who purchased or otherwise acquired the Company's
common stock between May 6, 2009, and June 30, 2011. The Court's
final approval, which includes a dismissal of the action with
prejudice, follows the Court's preliminary approval of the
settlement announced by the Company on February 6, 2014.
Ebix Chairman and Chief Executive Officer, Robin Raina,
commented, "We are pleased to have put this litigation behind us
and look forward to moving ahead with our long-term business
development strategy."
About Ebix, Inc.
A leading international supplier of On-Demand software and
E-commerce services to the insurance industry, Ebix, Inc.,
(Nasdaq:EBIX) provides end-to-end solutions ranging from
infrastructure exchanges, carrier systems, agency systems and risk
compliance solutions to custom software development for all
entities involved in the insurance industry.
With 35+ offices across Australia, Brazil, Canada, India, New
Zealand, Singapore, the US and the UK, Ebix powers multiple
exchanges across the world in the field of life, annuity, health
and property & casualty insurance while conducting in excess of
$100 billion in insurance premiums on its platforms. Through its
various SaaS-based software platforms, Ebix employs hundreds of
insurance and technology professionals to provide products, support
and consultancy to thousands of customers on six continents. For
more information, visit the Company's website at www.ebix.com.
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
As used herein, the terms "Ebix," "the Company," "we," "our" and
"us" refer to Ebix, Inc., a Delaware corporation, and its
consolidated subsidiaries as a combined entity, except where it is
clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains
forward-looking statements and information within the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. In addition, certain
statements included in this and our future filings with the
Securities and Exchange Commission ("SEC"), in press releases, and
in oral and written statements made by us or with our approval,
which are not statements of historical fact, are forward-looking
statements. Words such as "may," "could," "should," "would,"
"believe," "expect," "anticipate," "estimate," "intend," "seeks,"
"plan," "project," "continue," "predict," "will," and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this press release and in the documents incorporated herein by
reference. These statements are based on our current expectations
about future events or results and information that is currently
available to us, involve assumptions, risks, and uncertainties, and
speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or
implied in these forward-looking statements. Factors that may cause
such a difference include, but are not limited to, those discussed
in our Annual Report on Form 10-K and subsequent reports filed with
the SEC, as well as: the risk of an unfavorable outcome of the
pending governmental investigations or shareholder class action
lawsuits, reputational harm caused by such investigations and
lawsuits, the willingness of independent insurance agencies to
outsource their computer and other processing needs to third
parties; pricing and other competitive pressures and the Company's
ability to gain or maintain share of sales as a result of actions
by competitors and others; changes in estimates in critical
accounting judgments; changes in or failure to comply with laws and
regulations, including accounting standards, taxation requirements
(including tax rate changes, new tax laws and revised tax
interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
Except as expressly required by the federal securities laws, the
Company undertakes no obligation to update any such factors, or to
announce publicly the results of, or changes to, any of the
forward-looking statements contained herein to reflect future
events, developments, changed circumstances, or for any other
reason.
Readers should carefully review the disclosures and the risk
factors described in the documents we file from time to time with
the SEC, including future reports on Forms 10-Q and 8-K, and any
amendments thereto.
You may obtain our SEC filings at our website, www.ebix.com
under the "Investor Information" section, or over the Internet at
the SEC's web site, www.sec.gov.
CONTACT: Investors
Steven Barlow, Vice President - Investor Relations
678-281-2043 or steve.barlow@ebix.com
Aaron Tikkoo
678-281-2027 or atikkoo@ebix.com
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