NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Liberty Tax, Inc. (NASDAQ:TAX) securities between June 9, 2016 and December 11, 2017 (the “Class Period”). Investors have until February 13, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On November 7, 2017, Liberty announced the resignation of its Vice President and Chief Financial Officer, Kathleen Donovan. Following this news, the stock price of Liberty fell $2.25 per share, or nearly 17%, to close at $11.00 per share on November 8, 2017.
On December 11, 2017, Liberty announced that KPMG LLP had resigned as the Company’s independent registered public accounting firm, effective immediately, due partially to an “inappropriate tone at the top which leads to ineffective entity level controls over the organization.” Following this news, the stock price of Liberty fell $0.80, or 6.7%, to close at $11.15 per share on December 11, 2017.
The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Liberty Tax’s former CEO 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, Defendants’ statements about Liberty Tax’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Liberty securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Liberty Tax, Inc. lawsuit, please go to http://www.bespc.com/libertytax. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.
