H&R Block Hit With Class Action Suit

Law360, New York (March 22, 2006, 12:00 AM EST) -- A class action lawsuit has been filed against H&R Block Inc., alleging that the company’s officers and directors artificially inflated stock sales, reaping millions in the process at the expense of investors.

According to the complaint, the tax preparation company disclosed false information about its revenues in order to boost its stock. Part of those earnings, the suit says, was generated from H&R Block’s controversial “Express IRA” product, which has recently come under the scrutiny of New York Attorney General Eliot Spitzer.

The suit was filed...
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