SAN FRANCISCO--(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.
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