A nationwide shareholder rights law firm, Bragar Eagel & Squire, P.C., has recently launched investigations into potential claims against four major companies: LPL Financial Holdings Inc. (NASDAQ:LPLA), Bumble Inc. (NASDAQ:BMBL), Cardlytics, Inc. (NASDAQ:CDLX), and European Wax Center, Inc. (NASDAQ:EWCZ). The investigations are focused on determining if these companies have engaged in federal securities violations and other unlawful business practices.
One of the companies under investigation is LPL Financial Holdings Inc. (NASDAQ:LPLA). A recent news release reported that on July 5, 2024, a federal judge issued a temporary restraining order against LPL Financial following allegations from Ameriprise Financial, Inc. (Ameriprise). Ameriprise claimed that two of its former brokers had joined LPL and improperly used confidential client information to solicit their former clients into switching firms.
This news led to a significant decline in the price of LPL Financial shares, which dropped by $3.49 per share in just a few days. Specifically, the shares fell from $276.01 per share on July 5, 2024, to close at $272.52 on July 8, 2024.
The full details surrounding the LPL Financial case, as well as the ongoing investigations into the other three companies, remain uncertain. However, investors are being encouraged to stay informed and potentially take action.
Companies like LPL Financial, Bumble, Cardlytics, and European Wax Center have a responsibility to uphold federal securities laws and maintain ethical business practices. If it is found that any of these companies have engaged in malicious or deceptive behavior, investors who have lost money may be entitled to compensation.