October 21, 2020 - The 2nd Circuit Court of Appeals confirmed the dismissal of the case.

February 19, 2020 - A notice appealing the court's dismissal order was filed.

January 17, 2020 - The court granted the defendants' motion to dismiss.

November 27, 2018 - A motion to dismiss the consolidated amended complaint was filed.

June 12, 2018 - A consolidated amended complaint was filed.

December 15, 2017 - An investor in shares of Liberty Tax Inc (NASDAQ:TAX) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Liberty Tax Inc in connection with certain allegedly false and misleading statements made between June 29, 2016 and December 11, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Liberty Tax Inc (NASDAQ:TAX) common shares between June 29, 2016 and December 11, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 29, 2016 and December 11, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Liberty Tax’s former CEO John T. Hewitt created an inappropriate tone at the top, that the inappropriate tone at the top led to ineffective entity level controls over the organization, and that as a result, defendants’ statements about Liberty Tax’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Virginia Beach VA based Liberty Tax, Inc. is the holding company for JTH Tax, Inc. The Company is a provider of tax preparation services. Liberty Tax Inc reported that its Total Revenue rose from $173.43 million for the 12 months period that ended on April 30, 2017 to $173.99 million for the 12 months period that ended on April 30, 2017 and that its Net Income declined from $19.42 million to $13.01 million.

On September 6, 2017, Liberty Tax Inc announced that its founder and Chief Executive Officer ( CEO ) John T. Hewitt had been terminated.
On November 7, 2017, Liberty Tax Inc ax announced the resignation of Kathleen Donovan, its Vice President and Chief Financial Officer.
On December 11, 2017, Liberty Tax filed a Form with the SEC, reporting that KPMG LLP resigned as its independent registered public accounting firm and that Liberty Tax will delay the filing of its quarterly report on Form 10-Q for the quarter ended October 31, 2017. KPMG reportedly expressed concerns regarding internal controls over financial reporting as related to the integrity and tone at the top set by Liberty Tax's former CEO John T. Hewitt.

Shares of Liberty Tax Inc (NASDAQ:TAX) declined to as low as $10.70 per share on December 12, 2017.