Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Rio Tinto Shares Hit Record High After Ending Glencore Merger Talks 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Kroger Set to Name Former Walmart Executive Greg Foran as Next CEO 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
VIRGINIA BEACH, Va., Dec. 11, 2017 -- Liberty Tax, Inc. (NASDAQ:TAX) (the "Company") today disclosed in its Current Report on Form 8-K that KPMG LLP ("KPMG") 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, there are no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Additional information regarding KPMG's resignation can be found in the Form 8-K. The Company has begun the process of selecting a new independent accounting firm.
As disclosed in the Company’s Form 8-K, KPMG’s resignation is due to concerns around internal controls over financial reporting as it relates to the integrity and tone at the top set by Liberty’s founder, current Chairman and former Chief Executive Officer, John 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.”
Hewitt was terminated on September 5, 2017. The Audit Committee has high confidence in the existing management team and is confident that the management team will help to lead the Company through the resolution of the accounting concerns.
The resignation of KPMG does not impact the normal course of operations of the Company. Liberty management, employees and franchisees are focused on preparations for the upcoming tax season.
About Liberty Tax, Inc.
Founded in 1997, Liberty Tax, Inc. (NASDAQ:TAX) is the parent company of Liberty Tax Service. In the U.S. and Canada, last year, Liberty Tax prepared over two million individual income tax returns in more than 4,000 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor to many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
CONTACTS:
Investors: Kathy Donovan
Liberty Tax, Inc.
Vice President, Chief Financial Officer
(757) 493-8855
[email protected]
Media: Martha O’Gorman
Liberty Tax, Inc.
Chief Marketing Officer
(757) 301-8022
[email protected]
