SAN DIEGO, March 23, 2016 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether certain officers or directors of LPL Financial Holdings Inc. (NASDAQ: LPLA) violated state or federal laws in connection with statements regarding LPL's business, operations and financial prospects. A class action lawsuit against the Company has been filed on behalf of shareholders who purchased LPL between December 8, 2015 and February 11, 2016 (the "Class Period").
The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding LPL's business and prospects, including that LPL's earnings and revenue were not steady, but were substantially declining; LPL's client assets were not in the midst of a recovery, but were actually deteriorating and would decline by billions of dollars; and LPL's gross profits would not decline "slightly," but significantly, and LPL would in fact experience its worst sequential gross profit decline in four years. As a result of defendants' false statements and/or omissions, LPL common stock traded at artificially inflated prices during the Class Period, reaching a high of $45.06 per share on December 8, 2015.
If you have held shares continuously prior to December 8, 2015 you may have standing to hold the Company harmless from the damage the officers and directors caused by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are a LPL shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP