Faruqi and Faruqui, LLP Logo
Share this page

Liberty Tax, Inc. (TAX)

NASDAQ:TAX

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Liberty Tax, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Liberty Tax, Inc. (“Liberty” or the “Company”) (NASDAQ:TAX) of the February 13, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Liberty stock or options between June 29, 2016 and December 11, 2017 and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Liberty securities between June 29, 2016 and December 11, 2017 (the “Class Period”).  The case, Beland v. Liberty Tax, Inc. et al., No. 1:17-cv-07327 was filed on December 15, 2017.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Liberty’s former Chief Executive Officer, John T. Hewitt, created an inappropriate tone at the top; (2) the inappropriate tone at the top led to ineffective entity level controls over the organization; and (3) as a result, the Company’s statements regarding its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis.

Specifically, on November 7, 2017, Liberty Tax filed a Form 8-K with the Securities and Exchange Commission (“SEC”) during aftermarket hours announcing the sudden resignation of Kathleen E. Donovan as the Company’s Chief Financial Officer.

After the announcement, Liberty’s share price fell from $13.25 per share on November 7, 2017 to a closing price of $11.00 on November 8, 2017—a $2.25 or a 16.98% drop.

Then, on December 11, 2017, Liberty filed a Form 8-K with the SEC announcing the sudden resignation of KPMG LLP as its independent registered public accounting firm and the delay in the filing of its quarterly report on Form 10-Q for the quarter ended October 31, 2017.

Following the announcement, Liberty’s share price fell from $11.95 per share on December 8, 2017 to a closing price of $11.15 on December 11, 2017—a $0.80 or a 6.69% drop.

Contact Us

To contact Faruqi & Faruqi, LLP please call (877) 247-4292 or (212) 983-9330, or please
fill out the form below and a Firm representative will contact you.

  • Case:
    Liberty Tax, Inc. (TAX)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 12/15/2017

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.