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Liberty Tax: Class Action


Liberty Tax

Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Liberty Tax (NASDAQ:TAX) in connection to alleged violations of securities laws by TAX. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Liberty Tax from June 28, 2016 to December 11, 2017.

The class action complaint specifically alleges that during the period in question, TAX might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that John T. Hewitt, the company’s previous chief executive officer, had effected an inappropriate tone in the company’s highest levels; that this tone resulted in inadequate entity level controls across the company; and that consequently the defendants’ statements about the company to the public during the relevant period were false and misleading. The complaint alleges that when true details emerged, investors suffered losses.

According to the the company’s website, Liberty Tax is a personal income tax service headquartered in Virginia Beach, Virginia and operating more than 4,000 offices in the United States and Canada. The company “started in Canada on September 1, 1997 when John Hewitt acquired a Canadian tax franchisor, U&R Tax Depot,” according to the website, and “In 1998, the company became Liberty Tax Service and opened 5 offices in the United States.” It trades on the Nasdaq stock exchange under the symbol TAX.

A class action lawsuit has already been filed in connection with Liberty Tax. If you wish to serve as lead plaintiff in the TAX lawsuit, you must move the Court no later than February 13, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.