Update in Lawsuit for Investors in LPL Financial Holdings Inc. (NASDAQ: LPLA) Shares Announced by Shareholders Foundation

AN DIEGO, CA, January 22, 2018 (Newswire.com) - SThe Shareholders Foundation, Inc. announces that a lawsuit is pending for certain purchasers of NASDAQ: LPLA shares against LPL Financial Holdings Inc. over alleged violations of Securities Laws.

Investors, who purchased shares of LPL Financial Holdings Inc. (NASDAQ: LPLA) in November 2015 or earlier and continue to hold any of those NASDAQ: LPLA shares, have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 - 1554.

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. Shares of LPL Financial Holdings Inc. (NASDAQ: LPLA) declined on February 12, 2016 to as low as $15.38 per share.

On March 22, 2016, a lawsuit was filed against LPL Financial Holdings Inc. over alleged securities laws violations. The plaintiff alleged that 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. The plaintiff claimed 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.

On September 19, 2016, a first amended complaint was filed and on November 18, 2016, the defendants filed the motion to dismiss the first amended complaint. On August 18, 2017, the court denied in part the defendant's motion to dismiss the complaint. On October 2, 2017, a second amended complaint was filed and on December 1, 2017, the defendants filed their motion to dismiss the second amended complaint.

Those who purchased LPL Financial Holdings Inc. (NASDAQ: LPLA) shares should contact the Shareholders Foundation, Inc.

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.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.

Source: Shareholders Foundation, Inc.