Breaking Finance News

BREAKING- EBIX Being Investigated for Money Laundering- Plunging 20 Percent (EBIX)

UPDATE: Ebix responding saying that the Bloomberg report is “false and inaccurate.”

UPDATE: August 8 and 9 puts active on 9,000 contracts August put option IV is 169.

UPDATE: The company is scheduled to report earnings Friday. The conference call will take place at 11:00 a.m. EDT.

Shares of Ebix Inc. (NASDAQ: EBIX) just spiked 20 percent lower as news broke that the company is being investigated for money laundering. According to reports, some cross-border transfers are said to be the focus of the review.

Ebix, Inc. is a $328 million company that provides software and e-commerce solutions to the insurance industry. The company operates data exchanges, which connect various entities within the insurance markets and enables the participant to carry and process data from one end to another in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, and property and casualty (P&C) insurance.

The stock is down more than 28 percent in the past 6 months not counting today’s move.

[stock-tools exchange="NASDAQ" symbol="EBIX" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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2 Comments

  1. Jim T

    August 6, 2013 at 1:58 pm

    Do you have a credible source for this?
    You should.

    • Tim Parker

      August 6, 2013 at 2:12 pm

      Posted Above