LegalZoom.com (NASDAQ: LZ) stock collapsed in early trading Wednesday, on reports of what some deemed a boardroom coup that sparked a series of downgrades from Wall Street analysts.

As of 10:15 a.m. ET, shares of the online corporate documentation specialist were down 30.3%.

In a press release on Tuesday, LegalZoom announced the immediate departure of current Chief Executive Officer Dan Wernikoff, who will be replaced in the CEO role by current Chairman of the Biard Jeffrey Stibel. No explanation was given in the press release for the executive switcheroo though the company said in an SEC filing that "Wernikoff’s departure is not a result of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices." The press release noted that "The Board and Mr. Wernikoff decided that now is the right time for this transition, as the Company increases its focus on shifting towards subscription-based revenue to drive long-term profitable growth."

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Source Fool.com