Businessweek

Law Office of Christopher J. Gray, P.C., has filed multiple Financial Industry Regulatory Authority arbitration proceedings on behalf of investors who allege that registered representatives of LPL Financial Holdings Inc.'s brokerage subsidiary recommended unsuitable investments in non-traded REITs. Suitability claims arise when stockbrokers or investment advisors recommend investments that are not appropriate for an investor's financial circumstances, risk tolerance, or investment goals. Cases filed by the Gray Firm allege that in certain circumstances, LPL lacked a reasonable basis to recommend certain non-traded REITs, including Inland Western REIT. Both Montana and Massachusetts have pursued LPL for allegedly selling complicated real estate investment trusts, or non-traded REITs, to unsophisticated investors. William F. Galvin, the Massachusetts secretary of the commonwealth, came to a $2.5 million settlement with LPL in February 2013 arising out of LPL's sales of non-traded REITs to investors in his state. The Massachusetts complaint arose out of $28 million in non-traded REIT sales between 2006 and 2009, which were sold to nearly 600 clients in Massachusetts. According to the Massachusetts Securities Division, 569 of those transactions involved regulatory violations, including violations of prospectus requirements, violations of Massachusetts concentration limits and violations of LPL's compliance practices.

LPL Financial Holdings Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's net revenues were $974,796,000 compared to $901,773,000 a year ago. Income before provision for income taxes was $90,551,000 compared to $66,863,000 a year ago. Net income was $54,717,000 or $0.51 per diluted share compared to $41,179,000 or $0.37 per diluted share a year ago. Adjusted EBITDA was $135,920,000 compared to $124,955,000 a year ago. Adjusted earnings was $68,143,000 or $0.64 per diluted share compared to $63,199,000 or $0.56 per diluted share a year ago. This was supported by growth in adjusted EBITDA of 9%, share repurchases reducing fully diluted shares outstanding by $5 million an interest expense savings of $4 million. This interest expense savings resulted from the refinancing of its credit facilities in the second quarter of 2012. EBITDA was $122,485,000 compared to $100,070,000 a year ago. Capital expenditures were $13.7 million for the quarter. Excluding the impact on revenue and expenses from NestWise and Fortigent, the company reported adjusted EBITDA would have grown 11% year-over-year. The board of directors declared a quarterly cash dividend of $0.135 per share of the company's common stock, to be paid on May 20, 2013 to all shareholders of record on May 6, 2013.

LPL Financial Holdings Inc., Q1 2013 Earnings Call, Apr 25, 2013

LPL Financial Holdings Inc. announced that they will report Q1, 2013 results at 9:00 AM, Eastern Standard Time on Apr 25, 2013

LPL Financial Holdings Inc. Presents at Merrill Lynch & Co., Inc.'s 2013 Smid Cap Conference, May-07-2013 03:05 PM. Venue: The Four Seasons Hotel, 200 Boylston Street, Boston, MA 02116, United States. Speakers: Dan H. Arnold, Chief Financial Officer.