Faruqi & Faruqi, LLP Announce Proposed Settlement Hearing in EBIX, Inc. Securities Litigation

NEW YORK, March 13, 2014 /PRNewswire/ -- The following statement is being issued by Faruqi & Faruqi, LLP regarding the EBIX, Inc. Securities Litigation.

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF GEORGIA
ATLANTA DIVISION

IN RE: EBIX, INC. SECURITIES LITIGATION, CIVIL ACTION NO. 1:11-CV-02400-RWS

SUMMARY NOTICE

TO:  ALL PERSONS WHO PURCHASED EBIX, INC. ("EBIX") COMMON STOCK BETWEEN MAY 6, 2009 AND JUNE 30, 2011, INCLUSIVE

YOU ARE HEREBY NOTIFIED that pursuant to an Order of the United States District Court for the Northern District of Georgia, a hearing will be held on June 5, 2014, at 10:00 a.m., before the Honorable Richard W. Story, at the United States District Court for the Northern District of Georgia, Richard B. Russell Federal Building, 75 Spring Street, SW, Atlanta, Georgia 30303, for the purpose of determining: (1) whether the proposed settlement of the Litigation for the sum of $6,500,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) whether, thereafter, this Litigation should be dismissed with prejudice against the Defendants as set forth in the Stipulation of Settlement dated January 24, 2014; (3) whether the Plan of Allocation of settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (4) the reasonableness of the application of Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with this Litigation, and the award to Lead Plaintiff for representing the Class.

If you purchased Ebix common stock between May 6, 2009 and June 30, 2011, inclusive, your rights may be affected by this Litigation and the settlement thereof.  If you have not received a detailed Notice of Proposed Settlement of Class Action and a copy of the Proof of Claim and Release, you may obtain copies by writing to Ebix Securities Litigation, c/o Heffler Claims Group, P.O. Box 58608, Philadelphia, PA 19102, or by downloading this information at www.EBIXSecuritiesLitigation.com.  If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than June 4, 2014, establishing that you are entitled to a recovery.  You will be bound by any judgment rendered in the Litigation unless you request to be excluded, in writing, to the above address, postmarked by May 6, 2014.

Any objection to any aspect of the settlement must be filed with the Clerk of the Court no later than May 6, 2014, and received by the following no later than May 6, 2014:

FARUQI & FARUQI, LLP
RICHARD GONNELLO
369 Lexington Avenue, 10th Floor
New York, NY 10017
Lead Counsel for Lead Plaintiff

ALSTON & BIRD LLP
JOHN A. JORDAK, JR.
1201 West Peachtree Street
Atlanta, GA  30309
Counsel for Defendants

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.

DATED:  March 13, 2014          

BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF GEORGIA

SOURCE Faruqi & Faruqi, LLP

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED