WILMINGTON, Del., March 28, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)?
- Did you purchase your shares between December 8, 2015 and February 11, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities that purchased the common stock of LPL Financial Holdings Inc. (“LPL” or the “Company”) (NASDAQ:LPLA) between December 8, 2015 and February 11, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of LPL during the Class Period, or purchased shares prior to the Class Period and still hold LPL, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/lpl-financial-holdings-inc-lpla.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on February 11, 2016, LPL issued a press release announcing its fourth quarter and full year 2015 financial results. The Company reported results that fell well below analyst’s estimates. For example, LPL stated that it had generated only $0.37 per share in adjusted EPS, well below consensus analyst estimates of $0.51 per share. The Company also stated that client assets at quarter end totaled only $476 billion, $7 billion below the amount of client assets touted at the December 8, 2015 conference. The Company 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 this news, shares of LPL dropped over 34%, closing at $16.50 per share on February 12, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than May 23, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
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