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Liberty taxNasdaq has delisted the Class A shares of common stock of Liberty Tax. The action, effective today, February 1, follows a process that began on June 12 when the Nasdaq Listing Qualifications staff notified Liberty of its intentions.

The company underwent a panel hearing on June 19 and the panel issued a decision to delist the securities. The company appealed the decision, but on October 18, the Nasdaq Listing and Hearing. Review Council affirmed the decision. Nasdaq’s action stemmed from Liberty failing to two quarters of fiscal 2017. That stemmed from staff and auditor turnover after the company fired founder and former CEO John Hewitt in September 2017. Liberty has since filed its late financial reports. Liberty has been under new owners since July 2018 after Hewitt sold his shares to Vintage Tributum, an affiliate of Vintage Capital Management and the Class B shares that enabled him to control Liberty were eliiminated. In November, the company said it had received an unsolicited bid. The offer was for about $182 million. However, the name of the suitor was not disclosed and the subject has not been mentioned since.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Monday, 04 February 2019
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