Shares of H&R Block Inc. fell today after it admitted to miscalculating its state income taxes by $32 million. The Irvine, California-based tax preparer said yesterday it would have to restate its results for 2004, 2005 and 2006.
The firm posted a quarterly profit shortfall and cut its yearly earnings outlook yesterday.
Shares have lost 9.49% to $22.80, after dropping to $25.19 last night in after-hours trading.