STEVENSON, Md.--(BUSINESS WIRE)--

The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Liberty Tax, Inc. (NASDAQ: TAX) (“Liberty Tax” or the “Company”) securities during the period between June 29, 2016 and December 11, 2017, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until February 13, 2018 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Liberty Tax securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Liberty’s former Chief Executive Officer, John T. Hewitt (“Hewitt”), created an inappropriate tone at the top, which led to ineffective entity level controls over the organization.

According to the complaint, following a September 6, 2017 announcement that Hewitt was terminated, a November 7, 2017 announcement of the resignation of the Company’s Vice President and Chief Financial Officer, and a December 11, 2017 report that KPMG resigned as the Company’s accounting firm and its quarterly report would be delayed, the value of Liberty Tax shares declined significantly.

If you have suffered a loss in excess of $100,000 from investment in Liberty Tax securities purchased on or after June 29, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

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