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.
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Nasdaq Delists Liberty Tax Shares
Nasdaq 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.