Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In LPL Financial Holdings Inc. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in LPL Financial Holdings Inc. (“LPL” or the “Company”) (NASDAQ:LPLA) of the May 23, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all those who purchased LPL common stock between December 8, 2015 and February 11, 2016 (the “Class Period”). The case, Charter Township of Clinton Police and Fire Retirement System v. LPL Financial Holdings Inc. et al, No. 3:16-cv-00685 was filed on March 22, 2016, and has been assigned to Judge Barry Ted Moskowitz.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by allegedly making false statements and failing to disclose adverse facts regarding the Company’s business and prospects, such as (1) the Company’s earnings and revenue were substantially declining; (2) LPL’s client assets were deteriorating; (3) LPL would experience its worst sequential gross profit decline in four years; (4) that LPL was not on track to meet its general and administrative (“G&A”) expenses for the year, but would in fact have higher non-G&A expenses; and (5) as a result, LPL common stock traded at artificially inflated prices.
Specifically, on February 11, 2016, LPL issued a press release announcing its fourth quarter and full year 2015 financial results, which fell well below analysts’ estimates.
On this news, LPL’s share price fell $8.76 per share on unusually high trading volume to close at $16.50 per share, an ~35% drop, on February 12, 2016.
If you invested in LPL securities between December 8, 2015 and February 11, 2016 and would like to discuss your legal rights, please fill out the form below or contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding LPL’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.