Southern District Court of New York Dismisses Securities Suit Against Ebix
JOHNS CREEK, Ga., July 18, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: Ebix), today issued an informational release declaring that the United States Southern District Court State of New York (SDNY) yesterday issued a formal ruling in the matter of Ebix, Inc. (“Ebix”) vs. Rahul Saraf (the “Plaintiff”) and dismissed the class action securities suit against Ebix.
- JOHNS CREEK, Ga., July 18, 2023 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: Ebix), today issued an informational release declaring that the United States Southern District Court State of New York (SDNY) yesterday issued a formal ruling in the matter of Ebix, Inc. (“Ebix”) vs. Rahul Saraf (the “Plaintiff”) and dismissed the class action securities suit against Ebix.
- The District Court also denied the Plantiff’s request to file new amended claims, after reviewing the previous three complaints, and ordered the dismissal of the third amended complaint.
- Ebix requested SDNY court for dismissal, arguing that, even with the new allegations, Plaintiff did not establish scienter (the validity of the allegations).
- Earlier in this putative class action, the Plantiff had brought securities fraud claims against Ebix and two Ebix executives, Robin Raina and Steven Hamil (the “Individual Defendants”).