BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC) concerning the Company and its officers’ possible violations of federal securities laws. Law Offices of Howard G. Smith is preparing a lawsuit on behalf of injured investors.
LendingClub functions as an online marketplace that links borrowers and investors. The Company promotes many different types of loan products for consumers and small businesses, including unsecured personal loans, super prime consumer loans, unsecured education loans, and patient finance loans.
On May 9, 2016, Lending Club disclosed in a Securities and Exchange Commission ("SEC") filing that on May 6, 2016, the board of directors accepted the resignation of Renaud Laplanche as Chairman and CEO. According to the Company, Laplanche’s resignation comes on the heels of an internal review of sales of $22 million in near-prime loans to a single investor, in contravention of the investor's express instructions as to a non-credit and non-pricing element, in March and April 2016.
On this news, shares of Lending Club have fallen approximately 26% during intraday trading on May 9, 2016.
If you purchased Lending Club securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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