NEW YORK, Oct. 2, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, is investigating whether Ladenburg Thalmann Financial Services Inc. ("Ladenburg" or the "Company") (NYSE: LTS) or certain of its officers and directors violated federal securities laws. If you purchased Ladenburg stock or securities and have suffered a loss, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
Ladenburg is a diversified financial services company based in Miami, Florida. This investigation concerns whether Ladenburg violated U.S. securities laws.
On September 7, 2018, the Securities and Exchange Commission ("SEC") announced charges against the Chairman of Ladenburg Board of Directors, Phillip Frost, alleging he participated in a "pump-and-dump" scheme to manipulate the stock prices of two microcap companies. On this news, the price of Ladenburg stock fell from a close price of $3.44 on September 6, 2018, to close at $2.92 on September 7, 2018, a decline of 15%.
On September 18, 2018, an article published on Seeking Alpha by Hindenburg Investment Research asserted the Company's common stock "is intrinsically close to worthless." On this news, Ladenburg's share price fell over 10%, to close at $2.50 on September 18, 2018.
On September 20, 2018, Ladenburg announced that Frost had "decided to retire from the Ladenburg Board" and would be replaced as Chairman by Richard Lampen, Ladenburg's President and Chief Executive Officer.
What You Can Do
If you purchased Ladenburg securities and you wish to discuss this investigation, please contact attorney Rhiana Swartz at (844) 818-6980, or at [email protected], or visit the Ladenburg investigation page on our website at https://scott-scott.com/investigation/ladenburg-thalmann-financial-services-inc/.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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