LPL Financial Holdings Inc. ("LPL") is one of the largest independent broker-dealers in the United States.

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.

On August 18, 2017, the Court issued an Order granting in part and denying in part Defendant's Motion to Dismiss. Plaintiffs were given leave to file an amended Complaint. Plaintiffs filed a consolidated, amended Complaint on October 2. Defendants filed a Motion to Dismiss the amended Complaint on December 1. On March 29, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. On April 22, the case was dismissed with prejudice.