LPL Financial’s problems keep piling up
Nation's largest independent broker-dealer faces an ugly lawsuit, high turnover and stalled growth. And that's just for starters. (Related read: The stock buyback that launched a lawsuit)
Last October, a month after an activist investor took a large stake in LPL Financial Holdings Inc. and claimed that its shares were undervalued, the company announced a plan to boost its stock price. It was going to borrow $700 million and spend $500 million of it buying back its stock.
While compa
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