Ebix: New Problems in India, Singapore, Sweden

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Via Gotham City Research new report on EBIX (see older one here)
Based on new information we’ve obtained, Gotham City Research believes:
  • Ebix improperly financed $100+ million of acquisitions and stock buybacks, tax free, under the guise of a bogus intercompany asset sale, between Singapore & India.
  • Newly identified accounting irregularities, in sum, exceed 42% of Ebix’s market capitalization. Ebix Inc. & its subsidiaries’ filings are materially incorrect.
  • Swedish pre-tax income is less than %1 of the amounts claimed in the SEC filings, according to Swedish filings.
  • BDO Sweden was unable to confirm that any of the dealings between Ebix’s Swedish subsidiary, Ebix Singapore and Ebix Australia, ever actually occurred.
  • Ebix meets the requirements for an “Event of Default”, per Article VII (c) of the Credit Agreement.
  • Current shareholders are likely to recover little to no value, once the USA & Ebix’s creditors enforce their rightful claims.

169310405 Ebix New Problems Emerge in Singapore Sweden and India (1)

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