BOSTON, Aug. 16, 2011 /PRNewswire/ -- LPL Investment Holdings Inc., (Nasdaq: LPLA) (the "Company"), parent company of LPL Financial LLC ("LPL Financial"), today announced that its board of directors authorized a share repurchase program pursuant to which the Company may repurchase up to $70 million of its issued and outstanding shares of common stock, subject to any limitations set forth under the Company's credit agreement, through August 31, 2012. The purchases will be effected in open market or privately negotiated transactions, with the timing of purchases and the amount of stock purchased determined at the discretion of the Company's management.
This press release may contain forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results may differ significantly from the results discussed in the forward-looking statements. Important factors that may cause such differences include, but are not limited to, our ability to consummate a share repurchase program due to changes in our stock price, corporate or other market conditions and other factors set forth in the Company's Annual Report on Form 10-K for the period ended December 31, 2010 and its Quarterly Report on Form 10-Q for the period ended June 30, 2011, which are available on www.lpl.com and www.sec.gov.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc., is an independent broker-dealer. LPL Financial and its affiliates offer proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,600 financial advisors and approximately 750 financial institutions. Additionally, LPL Financial supports over 4,000 financial advisors who are affiliated and licensed with insurance companies with customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,700 employees with employees and offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
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