Lead Plaintiff Deadline is May 23, 2016

NEW YORK and SAN DIEGO, March 31, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of California on behalf of purchasers of LPL Financial Holdings Inc. (NASDAQ:LPLA) (“LPL” or the “Company”) common stock during the period between December 8, 2015 and February 11, 2016, inclusive (the “Class Period”). 

Shareholders who incurred losses on shares purchased within the defined class period are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

If you purchased shares of LPL Financial Holdings Inc., you may, no later than May 23, 2016, request that the Court appoint you lead plaintiff of the proposed class.

The filed complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding LPL’s business and prospects, including that: (1) LPL’s earnings and revenue were not steady, but were substantially declining; (2) LPL’s client assets were not in the midst of a recovery, but were actually deteriorating and would decline by billions of dollars; and (3) LPL’s gross profits would not decline “slightly,” but significantly, and LPL would in fact experience its worst sequential gross profit decline in four years. As a result of defendants’ alleged false statements and/or omissions, LPL common stock traded at artificially inflated prices during the Class Period, reaching a high of $45.06 per share on December 8, 2015.

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.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.  All e-mail correspondence should make reference to the “LPL Financial Holdings.”

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774