San Diego, CA -- (SBWIRE) -- 04/18/2016 -- A shareholder of LPL Financial Holdings Inc (NASDAQ:LPLA), filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by LPL Financial Holdings Inc in connection with certain allegedly false and misleading statements made between December 8, 2015 and February 11, 2016.

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, two private equity firms. In November 2010, these private equity firms took LPL public in an initial public offering ("IPO") in which 15.7 million LPL Financial Holdings Inc shares were sold to the public at $30 per share. TPG retained a substantial ownership stake in the Company after the IPO

The plaintiff claims that between December 8, 2015 and February 11, 2016 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 says that as a result of defendants' false statements and/or omissions, LPL Financial Holdings Inc common stock traded at artificially inflated prices between December 8, 2015 and February 11, 2016, reaching a high of $45.06 per share on December 8, 2015.

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. Shares of LPL Financial Holdings Inc (NASDAQ:LPLA) declined to as low as $15.38 per share on February 11, 2016.

Those who purchased shares of LPL Financial Holdings Inc (NASDAQ:LPLA) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com