NEW YORK, July 10. 11, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, 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 focus on whether these companies have violated federal securities laws and/or engaged in other illegal business practices. Additional information on 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 following its separation from Alliance Data Systems Corporation.
On June 8, 2022, the Company announced that its segment of the AIR MILES Reward Program and AIR MILES sponsor, Sobeys, were unable to match the extension terms; therefore, Sobeys has notified 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 associated with the timing of the transition additional Sobeys regions and currency and program timing issues often associated with its BrandLoyalty business, Loyalty Ventures will reevaluate its 2022 revenue and EBITDA guidance when there is more clarity, which management hopes to have at the time of its second-quarter earnings release.”
On this news, Loyalty Ventures’ stock price fell $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 survey, visit: https://bespc.com/cases/LYLT
Ebix, Inc. (NASDAQ: EBIX)
On June 16, 2022, Hindenburg released a short report on Ebix titled “Ebix: This ‘Card’ House Seems to Have a Glaring Fake Revenue Problem”. Hindenburg said that in February 2021, “Ebix RSM’s auditor resigned because the company refused to provide evidence regarding ‘unusual transactions related to the company’s gift card business in India’.” auditor was unable to obtain evidence to assess the business objectives behind the transactions Hindenburg’s review of Indian company records shows that these “unusual transactions” have increased since inception of RSM.
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 survey, visit: https://bespc.com/cases/EBIX
17 Education and Technology Group, Inc. (NASDAQ: YQ)
On or about December 4, 2020, 17 E&T completed its IPO, selling 27.4 million American Depositary Shares (“ADS”) at a price of $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 and revenue down nearly 50% year-over-year. previous $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 survey, visit: https://bespc.com/cases/YQ
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.
Bragar Eagel & Squire, CP
Brandon Walker, Esq.
Melissa Fortunato, Esq.
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