NEW YORK, March 25, 2016 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against LPL Financial Holdings, Inc. (“LPL Financial” or the “Company”) (Nasdaq:LPLA) in the United States District Court for the Southern District of California on behalf of a class consisting of all persons or entities who purchased LPL securities between December 8, 2015 through February 11, 2016, inclusive (the “Class Period”).  This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).

The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) LPL’s earnings and revenue were substantially declining; (2) LPL’s client assets were deteriorating and would decline by billions of dollars; (3) LPL’s gross profits would decline significantly; (4) LPL would experience its worst sequential gross profit decline in four years; and (5) as a result, LPL’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to serve as lead plaintiff, you must move the Court no later than May 23, 2016.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.