Investor Alert: Kaplan Fox Announces Investigation Of Liberty Tax, Inc.

NEW YORK, Dec. 12, 2017 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Liberty Tax, Inc. ("Liberty Tax" or the "Company") (NASDAQ: TAX).  Investors who purchased shares of Liberty Tax securities may be affected.

On September 6, 2016, John T. Hewitt ("Hewitt"), the founder, Chairman and CEO of Liberty Tax was terminated as CEO of the Company by the Board of Directors, reportedly as part of its succession planning.  Although terminated as CEO, Hewitt maintained his position as Chairman of the Board. 

On November 6, 2017, Hewitt, as Chairman of the Board, replaced two Board members.

Then, after-market on November 7, 2017 and one day after the Board replacements, the Company filed a Form 8-K disclosing the resignation of the Company's CFO.  Following this news, Liberty Tax's shares fell $2.25 per share, or nearly 17%, to close at $11 per share on November 8, 2017.

On December 11, 2017, Liberty Tax disclosed the resignation of KPMG LLP as the Company's independent accounting firm over concerns regarding Liberty Tax's internal controls over financial reporting as it relates to the integrity and tone at the top set by Hewitt, Liberty Tax's founder, current Chairman and former CEO.  The Company also said it will delay the filing of its Quarterly Report on Form 10-Q for the quarter ended October 31, 2017.

Following this news, Liberty's share price fell $0.80 per share, or about 6.7%, to close at $11.15 per share on December 11, 2017.

If you are an investor in Liberty Tax and would like to discuss our investigation, please contact us by emailing [email protected] or by calling 800-290-1952. 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, the action, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California  94104
(415) 772-4700
Fax:  (415) 772-4707
E-mail: [email protected]

SOURCE Kaplan Fox & Kilsheimer LLP

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