LENDINGCLUB CORP. INVESTOR ALERT: Girard Gibbs Investigates Potential Securities Law Violations
26 April 2018 - 8:59AM
Business Wire
Girard Gibbs LLP is investigating claims on behalf of investors
of LendingClub Corporation (NYSE: LC) and purchasers of
LendingClub’s Member Payment Dependent Notes involving possible
securities law violations. Specifically, our investigation focuses
on whether LendingClub issued materially misleading business
information to the investing public or engaged in other unlawful
business practices.
To speak privately with an attorney regarding this class
action lawsuit investigation, click here.
On April 25, 2018, the Federal Trade Commission (“FTC”)
announced that it filed a lawsuit against LendingClub, accusing the
company of violating federal laws by luring consumers with the
promise that they would receive loans with “no hidden fees,” but
actually charging them hidden, up-front fees when their loans were
funded into their accounts. The complaint also alleges that
LendingClub’s conduct continued “despite warnings from its own
compliance department that Defendant’s concealment of the up-front
fee is ‘likely to mislead the consumer.’”
On news of the FTC lawsuit, shares of LendingClub fell more than
15% to close at $2.77 per share on April 25, 2018, a record low for
the stock, causing significant harm to investors.
If you purchased or acquired shares of LendingClub and would
like to speak privately with a securities attorney to learn more
about the investigation and your legal rights, visit our website or
contact the securities team directly at (800) 254-9493.
Girard Gibbs LLP is one of the nation’s leading firms
representing individual and institutional investors
in securities litigation to correct abusive corporate
governance practices, breaches of fiduciary duty, and proxy
violations. The firm has recovered over a billion dollars for its
clients against some of the world’s largest corporations, and has
earned Tier-1 rankings and been named in the U.S. Lawyers –
Best Law Firms list for five consecutive years.
This press release may constitute Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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Girard Gibbs LLPEileen Epstein,
510-350-9728EJE@CLASSLAWGROUP.COM
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