NEW YORK, Sept. 1, 2016 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of LPL Financial Holdings Inc. (NASDAQ: LPLA).
On December 10, 2015, LPL Financial announced the early completion of its accelerated share repurchase program. TPG Capital sold 4.3 million shares of LPL Financial common stock at $43.27 per share for approximately $187 million in proceeds. Then on February 11, 2016, LPL Financial announced its fourth quarter and full year 2015 financial results, including adjusted earnings per share of $0.37 per share, well below consensus analyst estimates of $0.51 per share. 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. As a result of this news, the price of LPL Financial common stock dropped $8.76 per share to close at $16.50 per share on February 12, 2016, a one-day decline of nearly 35%.