(Reuters) - Ebix Inc (EBIX.O) shares fell as much as 32 percent after Bloomberg reported that the insurance software company was being probed by the U.S. Securities and Exchange Commission, but the company said it was unaware of any investigation.
Ebix shares fell to a more than one-year low of $15.26 on the Nasdaq on Monday. They later recovered to trade down 21 percent at $17.65 by midday.
“I can confirm that we have never been approached by the SEC in terms of any investigation or anything like that ... We are not aware of any SEC investigation,” Chief Executive Robin Raina told Reuters.
Bloomberg said the investigation was focused on revenue recognition, internal controls and the accuracy of the company’s public statements to shareholders. It cited three people with direct knowledge of the probe. (Reporting By Aditya Kondalamahanty in Bangalore; Editing by Sriraj Kalluvila)