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In re Ebix, Inc. Stockholder Litigation

Court of Chancery of Delaware

July 17, 2018

IN RE EBIX, INC. STOCKHOLDER LITIGATION

          ORDER GRANTING CLASS CERTIFICATION AND APPOINTING CLASS REPRESENTATIVES AND CLASS COUNSEL

          Joseph R. Slights III Vice Chancellor

         WHEREAS:

         A. On October 31, 2016, plaintiffs, Gilbert C. Spagnola ("Spagnola") and Desert States Employers & UFCW Union Pension Plan ("Desert States," and together with Spagnola, the "Initial Plaintiffs"), filed a Motion for Class Certification (the "Motion") in the above-referenced action;

         B. On October 13, 2017, defendants, Hans U. Benz, Pavan Bhalla, Neil D. Eckert, Rolf Herter, and Hans U. Keller (together, the "Outside Directors"), filed a brief in opposition to the Motion;

         C. On October 17, 2017, defendants, Joseph R. Wright, Jr. and George W. Hebard III (the "Barington Defendants," and together with the Outside Directors and Robin Raina, the "Director Defendants"), filed their joinder in the Outside Directors' opposition to the Motion;

         D. On November 14, 2017, the Initial Plaintiffs filed their reply in further support of their Motion;

         E. On January 5, 2018, plaintiff, Amalgamated Bank, as Trustee for LongView SmallCap 600 Index Fund and LongView Broadmarket 300 Index Fund

          ("Amalgamated," and together with the Initial Plaintiffs, the "Plaintiffs"), filed a Motion for Permissive Joinder as Plaintiff, which was granted on April 2, 2018;

         F. By Order dated April 4, 2018, the Court directed the parties to submit supplemental briefing on the Motion;

         G. On May 2, 2018, Plaintiffs filed a supplemental brief in support of their Motion;

         H. On May 16, 2018, the Outside Directors filed a supplemental brief in opposition to the Motion;

         I. Defendants, Ebix, Inc. ("Ebix") and Robin Raina ("Raina"), do not oppose the Motion;

         J. On May 23, 2018, the Court heard oral argument on Plaintiffs' Motion;

         K. Plaintiffs, Spagnola, Desert States and Amalgamated[1] seek to be designated as class representatives;

         L. Defendants take no position on the proposed class counsel; NOW THEREFORE, IT IS HEREBY ORDERED, this 17th day of July, 2018, as follows:

         1. Certification of a class under Court of Chancery Rule 23 is a two-step process, which requires that the purported class meet all four criteria within Court of Chancery Rule 23(a) and at least one of the criteria within Court of Chancery Rule 23(b).

         Rule 23(a)

         2. Under Rule 23(a), the plaintiff has the burden of demonstrating that the proposed class satisfies ...


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