NEW YORK, NY--(Marketwired - March 29, 2016) - 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.
Request more information now by clicking here: www.faruqilaw.com/LPLA. There is no cost or obligation to you.
Take Action
If you invested in LPL securities between December 8, 2015 and February 11, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/LPLA. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding LPL's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
