April 22, 2019 - The case was dismissed.

March 29, 2019 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

December 1, 2017 - A motion to dismiss the amended consolidated complaint was filed.

October 2, 2017 - An amended consolidated complaint was filed.

August 18, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

November 18, 2016 - A motion to dismiss the consolidated complaint was filed.

September 19, 2016 - A consolidated complaint was filed.

March 22, 2016 - An investor in shares of LPL Financial Holdings Inc (NASDAQ: LPLA) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by LPL Financial Holdings Inc in connection with certain allegedly false and misleading statements made between December 8, 2015 and February 11, 2016.

Prior to 2010, LPL Financial Holdings Inc was majority owned by TPG Capital and Hellman & Friedman LLC, two private equity firms. In November 2010, these private equity firms took LPL public in an initial public offering ( IPO ) in which 15.7 million LPL Financial Holdings Inc shares were sold to the public at $30 per share. TPG retained a substantial ownership stake in the Company after the IPO.

According to the complaint the plaintiff alleges on behalf of purchasers of LPL Financial Holdings Inc (NASDAQ: LPLA) common shares between December 8, 2015 and February 11, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between December 8, 2015 and February 11, 2016 defendants issued false and misleading statements and/or failed to disclose adverse information regarding LPL Financial Holdings Inc's business and prospects, including that LPL Financial Holdings Inc's earnings and revenue were not steady, but were substantially declining, that LPL Financial Holdings Inc's client assets were not in the midst of a recovery, but were actually deteriorating and would decline by billions of dollars, and that LPL Financial Holdings Inc’s gross profits would not decline slightly, but significantly, and LPL Financial Holdings Inc would in fact experience its worst sequential gross profit decline in four years.

The plaintiff says that as a result of defendants' false statements and/or omissions, LPL Financial Holdings Inc common stock traded at artificially inflated prices between December 8, 2015 and February 11, 2016, reaching a high of $45.06 per share on December 8, 2015.

On December 10, 2015, LPL Financial Holdings Inc announced the early completion of its accelerated share repurchase program. TPG Capital sold 4.3 million shares of LPL Financial Holdings Inc common stock at $43.27 per share for approximately $187 million in proceeds.

On February 11, 2016, LPL Financial Holdings Inc announced its fourth quarter and full year 2015 financial results, including adjusted earnings per share of $0.37 per share.

The plaintiff claims that the earnings per share were well below consensus analyst estimates of $0.51 per share and that LPL Financial Holdings Inc 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.

Shares of LPL Financial Holdings Inc (NASDAQ: LPLA) declined to as low as $15.38 per share on February 11, 2016.