LPL Financial Holdings Inc. (NASDAQ: LPLA)

Ryan & Maniskas, LLP 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) common stock during the period between December 8, 2015 and February 11, 2016 (the "Class Period").

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Retention letter:

By submitting this form, you are acknowledging that you have agreed to be represented by Ryan & Maniskas, LLP and such co-counsel as they deem appropriate to associate with in this action.

We have advised you that we have conducted a thorough investigation into the facts and circumstances surrounding the allegations contained in the Complaint, and we believe them to be meritorious. You understand that in seeking to be a plaintiff, you are undertaking certain fiduciary duties and responsibilities, which require you to adequately and fairly represent the class by becoming generally familiar with this litigation so that you can monitor, review and participate with counsel in the prosecution of the action. You may and should confer with us at any time you feel it is appropriate to do so.

Our firm prosecutes class actions and is seeking to undertake this litigation on a contingent fee basis. This means we will not seek payment of any fees unless the lawsuit generates a recovery or benefit for the class. The payment of our fees in this suit is subject to court approval, and we generally seek to have our fees calculated as a percentage of the full amount of the funds recovered, i.e., as a percentage of the amount recovered before the deduction of our fees and expenses.

We will advance all costs and expenses that we deem necessary to pursue an appropriate recovery in this suit. Typical costs and expenses include, but are not limited to, telephone, fax transmission, court costs, computer research, copy, and postage expenses, as well as more substantial items, such as the cost of travel, deposition, trial, mediation expenses, and expert witness and consultant fees. If the lawsuit generates a recovery for the class, we will apply to the Court to have our costs and expenses reimbursed from the settlement fund remaining after the attorneys’ fees have been paid. If there is no recovery, you will not be responsible for any costs.

In the course of the lawsuit, we may, without notice to you, retain and/or work with other law firms, in which case, we would divide any legal fees we receive with such other firms. You agree that we may divide fees with other attorneys for serving as local counsel, or for referral fees, or other services performed. You also agree that with respect to situations in which our co-counsel perform services, they may be entitled to receive between 5% and 10% of our firm’s overall fee. The division of attorneys’ fees with other counsel may be determined upon a percentage basis or upon time spent in assisting the prosecution of the action. The division of fees with other counsel is our sole responsibility and will not increase the fees described above. If we determine at any time that the prosecution of these claims is not feasible or is contrary to justice or the standards of good faith, we are then entitled to withdraw from the representation in the action, with reasonable notice to you. This agreement shall be governed by the laws of the Commonwealth of Pennsylvania. All disputes, disagreements and claims arising out of or related to this agreement shall be resolved exclusively through binding arbitration pursuant to the Rules of the American Arbitration Association.

We look forward to working with you.

Ryan & Maniskas, LLP 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. ("LPL" or the “Company”) (NASDAQ: LPLA) common stock during the period between December 8, 2015 and February 11, 2016 (the "Class Period").

LPL shareholders may, no later than May 23, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of LPL and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit:

The complaint charges LPL and certain of its officers and directors with violations of the Securities Exchange Act of 1934. LPL is an independent broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. Prior to 2010, LPL was majority owned by TPG Capital ("TPG") 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 shares were sold to the public at $30 per share. TPG retained a substantial ownership stake in the Company after the IPO and influence over its affairs. Following the IPO, the Company became the subject of several regulatory and governmental investigations into allegedly fraudulent, deceptive and/or legally deficient business practices at LPL and among its network of financial advisors.

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.

If you are a member of the class, you may, no later than May 23, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.