LONDON, UK / ACCESSWIRE / January 10, 2018 / Active-Investors.com has just released a free research report on Liberty Tax, Inc. (NASDAQ: TAX). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=TAX as the Company's latest news hit the wire. On December 06, 2017, the Company announced that it will delay its second quarter 2018 (Q2 FY18) earnings release and conference call. With more than a month being passed since the announcement, there has been no further update from Liberty Tax on this regard. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Liberty Tax most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=TAX
At the time of the announcement, Liberty Tax cited that it was finalizing its quarterly assessment of internal controls as related to recent management changes. The Company, in the press announcement, noted that it will announce the timing of the release of its second quarter fiscal 2018 in the coming days.
Resignation of the Auditor
On December 11, 2017, Liberty Tax disclosed that KPMG LLP has resigned as the Company's independent accounting firm, and that the Company will delay the filing of its Quarterly Report on Form 10-Q for the quarter ended October 31, 2017.
As detailed in the Form 8-K, the Company noted that there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. As per the details available in the Company's Form 8-K, KPMG's resignation was attributed to concerns around internal controls over financial reporting, as it relates to the integrity and tone at the top set by Liberty Tax's Founder, current Chairman, and former Chief Executive Officer (CEO), John T. Hewitt.
Ross Longfield, Chairman of the Company's Audit Committee stated:
"We are disappointed that KPMG has resigned, however, we appreciate the long-term relationship we have had with them. The Company will work as quickly as possible to engage a new accounting firm and to complete their review of our second quarter results."
Change at Helm
On September 06, 2017, Liberty Tax announced that John T. Hewitt, the Company's CEO and Chairman, was terminated on September 05, 2017, by the Company's Board of Directors, effective immediately. On September 08, 2017, Liberty Tax announced the appointment of Ed Brunot as CEO. The Company had engaged in a deliberate succession planning process which resulted in Ed Brunot joining the Company as Chief Operating Officer (COO), as an interim step before assuming the role of CEO.
NASDAQ Notice
On December 19, 2017, Liberty Tax announced that, as a result of its failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2017, it had received a notice from NASDAQ that the Company is not in compliance with NASDAQ's continued listing rules under the timely filing criteria established under Nasdaq Listing Rule 5250(c)(1) of the NASDAQ rules.
As per NASDAQ rules, Liberty Tax will have 60 days from December 13, 2017, to submit a plan to regain compliance, and 180 days to file the Form 10-Q with the US Securities and Exchange Commission (SEC) to be compliant. The Company will regain compliance with the NASDAQ listing rules before that date by filing the Form 10-Q with the SEC.
Dividend
On December 05, 2017, Liberty Tax's Board of Directors approved a quarterly dividend to stockholders of $0.16 per share. The dividend will be paid on January 23, 2018, to holders of record of common stock and common stock equivalents on the close of business on January 12, 2018.
Stock Performance Snapshot
January 09, 2018 - At Tuesday's closing bell, Liberty Tax's stock declined 1.28%, ending the trading session at $11.55.
Volume traded for the day: 59.58 thousand shares, which was above the 3-month average volume of 58.57 thousand shares.
Stock performance for year-to-date - up 5.00%
After yesterday's close, Liberty Tax's market cap was at $144.49 million.
Price to Earnings (P/E) ratio was at 30.24.
The stock has a dividend yield of 5.54%.
The stock is part of the Services sector, categorized under the Personal Services industry. This sector was up 0.1% at the end of the session.
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