Here's How Ebix Stock Rose 31.4% in March
Shares of Ebix (NASDAQ: EBIX) gained 31.4% in March 2021, according to data from S&P Global Market Intelligence. The financial technology company, which sells software used to manage insurance, finance, and healthcare businesses, rebounded from a traumatic February drop when it picked a new auditor and announced a preliminary filing date for its belated annual report.
Ebix shares plunged 54% in the space of two days near the end of February when the expected fourth-quarter report was replaced by a guidance update and an accounting scandal. The company's official accounting firm, RSM US, resigned due to incomplete documentation for some unusual gift card transactions in India. Ebix picked KG Somani to replace RSM. The new firm is a well-respected accounting network based in New Delhi, with a five-decade history of auditing local banks and insurance companies. Share price started climbing on the news and had gained 35% a week later.
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