The allegations of securities fraud focus on whether the company misled investors regarding its compliance with applicable accounting rules. On Friday, February 19, 2021, Ebix announced that, the Company’s auditors, RSM resigned as the company’s independent registered public accounting firm. RSM said it was “resigning as a result of being unable, despite repeated inquiries, to obtain sufficient appropriate audit evidence that would allow it to evaluate the business purpose of significant unusual transactions that occurred” in 4Q. The Company further stated that the auditor had a “disagreement” on the classification of funds of $30m that was transferred to a trust account of Ebix’s outside legal counsel.
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