NEW YORK, July 15, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Ebix, Inc. EBIX, 17 Education and Technology Group, Inc. YQ, Intuit, Inc. INTU, and Argo Group International Holdings, Ltd. ARGO. Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.

Ebix, Inc. EBIX

On June 16, 2022, Hindenburg issued a short report on Ebix titled, “Ebix: This House of ‘Cards’ Seems To Have a Glaring Fake Revenue Problem”. Hindenburg stated that in February 2021, “Ebix auditor RSM resigned because the company refused to provide evidence regarding ‘unusual transactions related to the Company’s gift card business in India.’ The auditor was unable to obtain evidence to allow it to evaluate the business purposes behind the transactions. Hindenburg’s review of Indian corporate records shows that these ‘unusual transactions’ have increased since RSM’s departure.”

On this news, Ebix stock fell $8.81, or 37.6%, to close at $14.59 on June 16, 2022.

For more information on the Ebix investigation go to: https://bespc.com/cases/EBIX

17 Education and Technology Group, Inc. YQ

On or around December 4, 2020, 17 E&T conducted its initial public offering, selling 27.4 million American Depositary Shares (“ADSs”) priced at $10.50 per ADS. 

Then, on June 10, 2022, 17 E&T announced its first quarter financial results, reporting a net loss of $3.9 million alongside a nearly 50% fall in revenue from the prior year to $36.82 million. 

On this news, 17 E&T’s stock price fell $1.65 per share, or 21.31%, to close at $2.40 per share on June 10, 2022.

For more information on the 17E&T investigation go to: https://bespc.com/cases/YQ

Intuit, Inc. INTU

On March 29, 2022, the FTC filed a lawsuit against Inuit claiming that the company has deceived millions of Americans into paying for tax service preparation software that should be free. On May 4, 2022, Intuit agreed to pay $141 million to settle similar allegations regarding Turbo Tax. 

On this new, Intuit’s stock fell $22.14, or 5.1%, to close at $409.86 on May 5, 2022.

For more information on the Intuit investigation go to: https://bespc.com/cases/INTU

Argo Group International Holdings, Ltd. ARGO

On February 8, 2022, Argo announced that its results for the fourth quarter of 2021 will be negatively affected by adverse prior year reserve development and non-operating charges.  Specifically,  the Company expects  net adverse  prior year reserve development to be $130  million to $140 million for the  quarter, the largest  of which  increases were  related to  construction defect  claims within Argo’s U.S. operations and  reserve increases in the run-off  segment.  In addition, Argo disclosed an expected goodwill and intangible assets  charge of $40 million  to $45 million  for the quarter,  related to Argo’s  syndicate 1200 business unit.

On this  news, Argo’s  stock price  fell sharply  during intraday  trading on February 9, 2022.

For more information on the Argo Group investigation go to: https://bespc.com/cases/ARGO

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648


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