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%.
If you are a shareholder of LPL Financial and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
You may also contact Robert H. Lefkowitz, Esq. either via email at firstname.lastname@example.org or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com. Attorney advertising. Prior results do not guarantee a similar outcome.
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