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Liberty Tax receives Nasdaq noncompliance notice following missed 10-Q

Liberty Tax Inc., the parent of Liberty Tax Service, received a notice from Nasdaq that it is not in compliance with the exchange's continued listing rules due to the delayed filing of the company's Form 10-Q for the fiscal quarter ended Oct. 31.

The company has 60 days from Dec. 13 to submit a plan to regain compliance and 180 days to file the Form 10-Q.

Liberty Tax filed an NT 10-Q on Dec. 11, citing the resignation of its public accounting firm, KPMG LLP, as of Dec. 8.

The accounting firm raised concerns about "internal controls over financial reporting as related to the integrity and tone at the top," according to a Dec. 11 SEC filing.

"As a result, the company has experienced a delay in the completion of its financial statements and other related components of the Form 10-Q," Liberty Tax said in the news release detailing the Nasdaq noncompliance notice.

Liberty Tax is looking for a new independent registered public accounting firm. The company has recently gone through a series of leadership changes, including the resignation of two directors and the appointment of a new CFO.