I had this problem on two iMac 27" incl. one fresh out of the box 2 days ago. Installed Security Update 2016-001, computer restarted - Apple logo appears, progress bar appears gets about halfway through and screen goes black. Any attempts to remedy locally were futile. Things I tried that DID NOT WORK:
- Reset PRAM
- Reset NVRAM
- Restart
- Reinstall Mac OS X 10.11 from Recovery Disk
I was able to remote in to the machine via ssh/terminal so I could tell the machine appeared to be up and running, just no video. After some log diving I i finally located a crashing process that just kept repeating over and over. First I noticed "Report Crash" using ps -ax was spiking every few seconds. I then investigated /var/log/system.log (still working remotely) and noticed a 4 line error entry repeating over and over and over. Something to do with launch services (led):
com.apple.xpc.launchd[1] (com.apple.lsd[233]): Service exited due to signal: Segmentation fault: 11
After many hours of trial and error rooting around remotely using the terminal - I finally found a solution. Something in the /private/var/folders directory was causing the hang. I attempted to remove everything under /private/var/folders (using sudo rm -rf /private/var/folders/*) which yielded a few errors - files/dir that could not be deleted - but almost immediately the screen came to life and all has been well ever since.
Not sure what the problem is exactly - and the procedure above is not for novice users. Please if you are not familiar with using the terminal and especially root access - do not do anything shown in this thread. It is my hope that this thread is useful for Apple Techs to track down the problem.
09-08-16 - filed bug report with Apple -