Ebix Inc. said that it and an affiliate of Goldman Sachs Group Inc. decided to cancel their planned merger after U.S regulators started an investigation into allegations of misconduct at Ebix, an insurance software provider.
Atlanta-based Ebix said it was notified of the investigation in a letter that it received on June 14 from the U.S. Attorney for the Northern District of Georgia.
Shares of Ebix tumbled 25 percent in after-hours trade, after closing at $19.72 on the Nasdaq on Wednesday.
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