IRVINE, Calif.--(BUSINESS WIRE)--Khang & Khang LLP (the “Firm”) announces that a class action lawsuit has been filed against LendingClub Corporation (“LendingClub” or the “Company”) (NYSE: LC). Investors who purchased or otherwise acquired shares traceable to the Company’s December 11, 2014 Initial Public Offering should contact the firm.
If you purchased shares of LendingClub during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by email at joon@khanglaw.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, the Company failed to disclose that: (1) the Company had an unsustainable business model dependent on its ability to issue loans with usurious rates; (2) LendingClub’s loan investors would not be able to enforce the high rates because they were illegal; and (3) absent the usurious rates, the loans produced through LendingClub’s marketplace would not be attractive to investors because they had a high credit risk.
If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by email at joon@khanglaw.com.
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