NEW YORK, March 25, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of LPL Financial Holdings Inc. ("LPL" or the "Company") (NASDAQ: LPLA). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether LPL and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 11, 2016, LPL 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 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%.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
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SOURCE Pomerantz LLP