An investigation on behalf of investors in LPL Financial Holdings Inc (NASDAQ:LPLA) shares over potential wrongdoing at LPL Financial Holdings was announced and NASDAQ:LPLA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/17/2016 -- Certain directors of LPL Financial Holdings Inc are under investigation over potential wrongdoing. The investigation was announced on behalf of current long-term investors in shares of LPL Financial Holdings Inc (NASDAQ:LPLA) over potential breaches of fiduciary duties by certain directors at LPL Financial Holdings.
Investors who purchased shares of LPL Financial Holdings Inc (NASDAQ:LPLA) and currently hold any of those NASDAQ:LPLA shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain LPL Financial Holdings Inc (NASDAQ:LPLA officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On December 10, 2015, LPL Financial Holdings Inc announced the early completion of its accelerated share repurchase program. TPG Capital sold 4.3 million shares of LPL Financial Holdings Inc common stock at $43.27 per share for approximately $187 million in proceeds.
On February 11, 2016, LPL Financial Holdings Inc announced its fourth quarter and full year 2015 financial results, including adjusted earnings per share of $0.37 per share.
On March 22, 2015 a lawsuit was filed against LPL Financial Holdings Inc over alleged securities laws violations. The plaintiff claims that between December 8, 2015 and February 11, 2016 defendants issued false and misleading statements and/or failed to disclose adverse information regarding LPL Financial Holdings' business and prospects, including that LPL Financial Holdings' earnings and revenue were not steady, but were substantially declining, that LPL Financial Holdings' client assets were not in the midst of a recovery, but were actually deteriorating and would decline by billions of dollars, and that LPL Financial Holdings' gross profits would not decline "slightly," but significantly, and LPL Financial Holdings Inc would in fact experience its worst sequential gross profit decline in four years.
The plaintiff says that as a result of defendants' false statements and/or omissions, LPL Financial Holdings Inc common stock traded at artificially inflated prices between December 8, 2015 and February 11, 2016, reaching a high of $45.06 per share on December 8, 2015.
The plaintiff claims that the earnings per share were well below consensus analyst estimates of $0.51 per share and that LPL Financial Holdings Inc also revealed disappointing revenues, primarily as a result of dramatically lower commission revenues and revenues from alternative investments, as well as higher-than-expected expenses for the quarter.
Those who purchased shares of LPL Financial Holdings Inc have certain options and should contact the Shareholders Foundation.
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