Ebix Inc: Slides after independent auditor resigns

Yatra Online

22/02/2021 11:20

** Shares of on-demand software supplier  EBIX.O  down 34.6%
at $33.14 premarket
    ** Co said on Friday RSM US had resigned as co's registered
public accounting firm  urn:newsml:reuters.com:*:nL4N2KP3WW
    ** According to regulatory filing, RSM told co's audit
committee chairman it was resigning as a result of being unable
to obtain sufficient evidence to evaluate the business purpose
of "significant unusual transactions" in Q4 2020
    ** Auditor informed EBIX there was disagreement with respect
to classification of $30 mln and flagged unusual transactions
concerning co's gift card business in India
    ** India's Yatra Online Inc  YTRA.O  last year terminated
pending merger agreement with co and filed suit seeking
"substantial" damages for Ebix's alleged breach of deal terms
 urn:newsml:reuters.com:*:nL4N2DI3RP
    ** Up to last close, stock up ~33% YTD

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))