{"id":5964,"date":"2016-04-27T00:00:00","date_gmt":"2016-04-27T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/04\/lpl_subject_to_lawsuits_in_the"},"modified":"2022-05-17T14:08:37","modified_gmt":"2022-05-17T19:08:37","slug":"lpl-subject-to-lawsuits-in-the","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/","title":{"rendered":"LPL Subject to Lawsuits In the Wake of Stock Drop"},"content":{"rendered":"<p>A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. There is the securities case brought by the Charter Township of Clinton Police and Fire Retirement System, which is a Michigan pension fund. Also, in New York last March, a number of lawyers filed a shareholder lawsuit.<\/p>\n<p>Both <a href=\"https:\/\/www.securities-fraud-attorneys.com\">securities cases<\/a> want damages that shareholders of record would have sustained between 12\/8\/15 and 2\/11\/16. A major allegation is that LPL misled investors to raise its stock price while putting through a $250M share buyback plan that benefited one private equity investor.<\/p>\n<p>According to the Michigan pension fund, LPL CFO Matthew Audette and LPL CEO Mark Casady took part in a scam to let private equity investment firm TPG Capital sell LPL shares at a price that was artificially inflated. The NY shareholder lawsuit is accusing the independent brokerage firm of issuing statements that were materially false and misleading to investors and not disclosing that its clients&#8217; assets and gross profits were becoming weaker.<\/p>\n<p>Addressing the allegation, Casady downplayed the share buyback program\u2019s timing and execution that allowed the private equity investor to sell 4.3M million stock shares back to the firm soon before the shares, as described by <em>InvestmentNews<\/em>, \u201cwent into a tailspin.\u201d He said the stock buyback happened under a set of expectations that was reasonable.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/#more-5964\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. There is the securities case brought by the Charter Township of Clinton Police and Fire Retirement System, which is a Michigan pension fund. Also, in New York last March, a number of lawyers filed a shareholder lawsuit. Both securities [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3877],"tags":[],"class_list":["post-5964","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>LPL Subject to Lawsuits In the Wake of Stock Drop &#8212; Investor Lawyers Blog &#8212; April 27, 2016<\/title>\n<meta name=\"description\" content=\"A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. There is the securities case brought by the Charter &#8212; April 27, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"LPL Subject to Lawsuits In the Wake of Stock Drop &#8212; Investor Lawyers Blog &#8212; April 27, 2016\" \/>\n<meta name=\"twitter:description\" content=\"A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. There is the securities case brought by the Charter &#8212; April 27, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"LPL Subject to Lawsuits In the Wake of Stock Drop &#8212; Investor Lawyers Blog &#8212; April 27, 2016","description":"A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. There is the securities case brought by the Charter &#8212; April 27, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/","twitter_card":"summary_large_image","twitter_title":"LPL Subject to Lawsuits In the Wake of Stock Drop &#8212; Investor Lawyers Blog &#8212; April 27, 2016","twitter_description":"A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. There is the securities case brought by the Charter &#8212; April 27, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"LPL Subject to Lawsuits In the Wake of Stock Drop","datePublished":"2016-04-27T05:00:00+00:00","dateModified":"2022-05-17T19:08:37+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/"},"wordCount":548,"articleSection":["Financial Firms","LPL Financial"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/","url":"https:\/\/www.investorlawyers.com\/blog\/lpl-subject-to-lawsuits-in-the\/","name":"LPL Subject to Lawsuits In the Wake of Stock Drop &#8212; Investor Lawyers Blog &#8212; April 27, 2016","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-04-27T05:00:00+00:00","dateModified":"2022-05-17T19:08:37+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"A number of lawsuits have been brought against LPL Financial (LPLA) after its stock price fell. 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