EBIX - Ebix stock tanks over 35% on new short report from Hindenburg Research (update)

Update 4:10 p.m. ET: Updates to say Ebix (NASDAQ:EBIX) responds the short report from Hindenburg Research.  Ebix (EBIX) shares have plunged 37% on Thursday after Hindenburg Research published a new short report on the technology-powered conglomerate.  Hindenburg pointed to the company's "massive near-term debt load" in a backdrop of rising interest rates, saying "we see significant solvency risk over the next 12 months." The risk of Ebix's (EBIX) ability to meet long-term debt obligations comes as the company, which has a market cap of nearly $800M, is planning a $4.5B debut of EbixCash, its wholly-owned Indian subsidiary. The problem is "we think a substantial portion of EbixCash’s gift card revenue is non-existent," as the company has cycled through seven different auditors since 2004, "a classic hallmark of accounting irregularities," according to the report titled "This House of 'Cards' Seems To Have a Glaring Fake Revenue Problem." "For Ebix, the IPO is a race against

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Ebix stock tanks over 35% on new short report from Hindenburg Research (update)