Ebix Drops After Report on Singapore Related-Party Loan
By Greg Farrell – Feb 21, 2013 9:48 AM ET
Ebix Inc. (EBIX) dropped the most in more than three months in Nasdaq trading following a report claiming the company hid a $65.8 million related-party loan to its Singapore subsidiary from U.S. regulators.
The report, posted on the website Seeking Alpha by Gotham City Research LLC, said the loan appeared in a disclosure form filed by Atlanta-based Ebix’s Singapore unit and was never disclosed in the company’s U.S. filings.
Ebix fell $1.31, or 6.9 percent, to $17.76 at 9:39 a.m. New York time after dropping as much as 8.2 percent, the biggest intraday decline since Nov. 8.
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