SAN DIEGO, March 29, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain purchasers of shares of LPL Financial Holdings Inc (NASDAQ:LPLA) over alleged Securities Laws Violations by LPL Financial Holdings.
Investors who purchased shares of LPL Financial Holdings Inc (NASDAQ:LPLA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 23, 2016. NASDAQ:LPLA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Prior to 2010, LPL Financial Holdings Inc was majority owned by TPG Capital and Hellman & Friedman LLC. In November 2010, these private equity firms took LPL Financial Holdings Inc public in an initial public offering ("IPO"). TPG Capital retained a substantial ownership stake in the Company after the IPO.
The plaintiff alleges that the 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.
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.
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 LPL Financial Holdings Inc (NASDAQ:LPLA) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.