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LPL Stock-Drop Action Must Be Strengthened, Judge Holds

Law360, New York (August 21, 2017, 1:38 PM EDT) -- A San Diego federal judge on Friday dismissed a suit claiming that LPL Financial Holdings Inc. duped investors before a February 2016 stock swoon, but he gave aggrieved shareholders a chance to amend their complaint to detail fraudulent intent by executives at the private equity-linked brokerage.

U.S. District Judge Barry Ted Moskowitz held that the Charter Township of Clinton Police and Fire Retirement System did not sufficiently allege that the publicly traded business, which effectively was controlled by TPG Capital, and two executives set out to...
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