NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 15, 2016 to file lead plaintiff applications in a securities class action lawsuit against LendingClub Corporation (NYSE: LC), if they purchased the Company’s securities pursuant or traceable to the company’s initial public offering (“IPO”) or between December 11, 2014 and May 6, 2016, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased shares of LendingClub and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 15, 2016.
About the Lawsuit
LendingClub and certain of its executives are charged with failing to disclose material information during the Class Period and in connection with the IPO, violating federal securities laws.
On May 9, 2016, LendingClub disclosed that its Chairman and CEO Renaud Laplanche has resigned after an internal review revealed that LendingClub had sold $22 million in loans, made to consumers with low credit scores, to an investor in violation of the investor’s “express instructions.” LendingClub further disclosed that Laplanche had failed to fully disclose a personal interest in a fund while the Company was contemplating investing in it.
On this news, the price of LendingClub’s stock plummeted.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.