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Ebix (EBIX -42.7%) has crashed to levels last seen in May 2010 after announcing its M&A deal...

Ebix (EBIX -42.7%) has crashed to levels last seen in May 2010 after announcing its M&A deal with Goldman is off thanks to a U.S. Attorney investigation. Though Ebix says it will keep evaluating "strategic options," investors are betting the company's accounting woes will make would-be buyers think twice and/or offer a much lower bid than Goldman's $20/share. "In my experience uncovering and dealing with some of the great software frauds in the past, Ebix could rise to that level," says short-seller Marc Cohodes, who helped uncover accounting frauds at CA and Lernout & Hauspie.
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