NEW YORK, July 10, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Loyalty Ventures, Inc. (NASDAQ: LYLT), Ebix, Inc. (NASDAQ: EBIX), and 17 Education and Technology Group, Inc. (NASDAQ: YQ). 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.
Loyalty Ventures, Inc. (NASDAQ: LYLT)
Loyalty Ventures provides consumer loyalty solutions. The Company owns and operates the AIR MILES Reward Program, an end-to-end loyalty platform; and BrandLoyalty, a campaign-based loyalty solution for grocers and other high-frequency retailers.
On November 5, 2021, Loyalty Ventures became a publicly traded company after its separation from Alliance Data Systems Corporation.
On June 8, 2022, the Company disclosed that its AIR MILES Reward Program segment and AIR MILES’ Sponsor, Sobeys, were unable to align on extension terms; consequently, Sobeys provided notice of its intent to exit the program on a region-by-region basis, beginning with Atlantic Canada, between August and the first quarter of 2023. The Company stated, “Given the uncertainty related to the timing of the transition of Sobeys’ additional regions and the currency and program timing issues often associated with its BrandLoyalty business, Loyalty Ventures will re-evaluate its 2022 revenue and EBITDA guidance when there is more clarity, which management hopes to have by the time of its second quarter earnings release.”
On this news, the price of Loyalty Ventures shares declined by $5.01 per share, or approximately 45.4%, from $11.03 per share to close at $6.02 per share on June 8, 2022.
For more information on the Loyalty Ventures investigation go to: https://bespc.com/cases/LYLT
Ebix, Inc. (NASDAQ: 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. (NASDAQ: 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
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
investigations@bespc.com
www.bespc.com
