In a move designed to better serve its clients, the accounting firm formerly known as Hausser + Taylor has changed its name and is now doing business as Maloney + Novotny. After a brief association with RSM McGladrey, a subsidiary of H&R Block, the firm's shareholders and professionals are committed to the importance of an independent, locally owned and managed firm.

Hausser + Taylor's (Maloney + Novotny's) relationship with RSM was terminated in October because its shareholders wished to remain an Ohio-based accounting firm and retain the legacy of 75 years of client service. Maloney + Novotny is a full-service firm of business advisors and certified public accountants. The firm provides audit, review, compilation, tax, and consulting services.

The firm changed its name in order to distinguish its continuation as an independent entity. Managing shareholder Matthew Maloney and shareholder Timothy Novotny are long-time shareholders of the firm.

Maloney + Novotny has already added approximately 50 professionals, preserving a strong, client-focused business. Many of the certified public accountants of Maloney + Novotny have chosen to be a part of Maloney + Novotny rather than become employees of RSM-associated firm McGladrey & Pullen, a Bloomington, Minn.-based attest-only firm.

"This represents a commitment to the community and to our clients," said Matthew Maloney. "We are committed to being a locally owned and managed company. It is important for local businesses to stand up against pressures for more consolidation. Our experience with a firm based out-of-state made it clear to us that our clients would be better served by an Ohio-based firm focused on high-quality work."

Maloney + Novotny is a Full-Service Firm Serving Northeast Ohio

The renamed firm provides audit, review, compilation, tax and consulting services, continuing the 75+-year heritage of Hausser + Taylor. Maloney said the firm's clients can have the same expectations of excellence they have always had.

As before, the firm specializes in mid-sized companies, not-for-profit organizations, institutions of higher education, health care, and companies in many industries, including manufacturing, wholesaling and professional services.

With current offices in Cleveland, Canton and Elyria, Maloney + Novotny provides services to clients in Northeast Ohio as well as throughout the entire state. Clients in central and southern Ohio will also have access to the firm's professionals, and the firm is reviewing plans to add an office in Columbus.

Recent Ruling by Federal Judge Supports Regional Independent Accounting Firm

On Wednesday, November 21, Judge Christopher Boyko of the U.S. District Court (Northern District of Ohio, Eastern Division) granted a preliminary injunction in favor of Maloney + Novotny. The Court found that RSM McGladrey had misused detailed confidential financial information relating to Hausser + Taylor and its clients, and that RSM McGladrey provided this information to McGladrey & Pullen ("M&P"), a direct competitor of Hausser + Taylor (Maloney + Novotny). The Court stated that RSM "violated the express confidentiality obligations ... by providing confidential H+T client and financial information to M&P partners." Judge Boyko ordered RSM and anyone who had been given the information by RSM to cease using the information and to return it to Hausser + Taylor (Maloney + Novotny) within fourteen days.

Judge Boyko's order further prohibits RSM McGladrey and any person or entity acting in concert with it from soliciting Hausser + Taylor (Maloney + Novotny) clients for attest accounting services, including audits, reviews and compilations, until an arbitration between the parties is concluded.

Maloney said, "This ruling essentially allows our firm to preserve its longstanding, established business in Ohio under our new name, Maloney + Novotny. It recognizes our longstanding client relationships and supports our efforts to continue the strong, client-focused business we've spent our professional lives building. It is also a benefit to Ohio to maintain a locally owned accounting firm."

About Maloney + Novotny

Maloney + Novotny is a licensed certified public accounting firm which has been providing audit and attest services to clients for more than 75 years. It has offices in Cleveland, Canton and Elyria and is reviewing plans to add an office in Columbus. The firm was formerly known as Hausser + Taylor. Before its relationship with AmEx TBS, Hausser + Taylor was Ohio's largest regional accounting and business consulting firm. More information is available at MaloneyNovotny.com.

Maloney + Novotny is a member of the Center for Public Company Audit Firms. In August 2007, the firm was informed that it received an unmodified opinion with no letter of comment as a result of its peer review. An unmodified opinion with no letter of comment is a rarity for large firms like Maloney + Novotny with clients in diverse industries facing complex accounting, business and other challenges.

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