Case Page

 

Case Status:    ONGOING    
On or around 08/18/2017 (Court's order of dismissal)

Filing Date: March 22, 2016

According to the law firm press release, the 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 LPL’s earnings and revenue were not steady, but were substantially declining; LPL’s client assets were not in the midst of a recovery, but were actually deteriorating and would decline by billions of dollars; and 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’ 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 December 10, 2015, LPL announced the early completion of its accelerated share repurchase program. TPG sold 4.3 million shares of LPL common stock at $43.27 per share for approximately $187 million in proceeds.

Then 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% and a decline of 63% from the stock’s Class Period high.

On July 21, 2016, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated complaint on September 19.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LPLA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 16-CV-00685
JUDGE: Hon. Barry Ted Moskowitz
DATE FILED: 03/22/2016
CLASS PERIOD START: 12/08/2015
CLASS PERIOD END: 02/11/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 16-CV-00685
JUDGE: Hon. Barry Ted Moskowitz
DATE FILED: 09/19/2016
CLASS PERIOD START: 12/08/2015
CLASS PERIOD END: 02/11/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date