LENDINGCLUB INVESTOR ALERT: Investigation and Proposed Securities Class Action Against LendingClub Corp Announced by USMA Law Group

WASHINGTON--()--U.S. Market Advisors Law Group PLLC announces the firm is investigating whether LendingClub Corp. (NYSE:LC) violated federal securities laws. The investigation involves investors that purchased LendingClub common stock between February 28, 2015 and April 25, 2018.

USMA Law Group is preparing for a securities fraud class action against LendingClub. The firm’s LendingClub webpage provides a proposed class action complaint (not yet filed) and other important information: http://usmarketlaw.com/lendingclub/. You may also contact David P. Abel, Managing Attorney of USMA Law Group, to discuss this matter at no obligation or cost: (202) 274-0237; dabel@usmarketlaw.com.

According to the proposed complaint, LendingClub allegedly made false and misleading statements and failed to disclose that: (i) the company falsely promised it would not charge customers hidden fees; (ii) LendingClub’s privacy policy was not in compliance with the Gramm-Leach-Bliley Act--a federal law to control the ways that financial institutions handle the private information of individuals; and (iii) as a result, this would subject LendingClub’s business practices to heightened scrutiny by regulators.

On April 25, 2018, the Federal Trade Commission announced that it had filed an action against LendingClub, alleging violations of: (i) the FTC Act for falsely assuring customers they would receive a loan with “no hidden fees”; and (ii) the Gramm-Leach-Bliley-Act for failing to provide customers with a clear and conspicuous privacy notice so they could reasonably be expected to receive actual notice.

As a result, the price of LendingClub’s common stock declined over 15% per share from its previous closing price to close at $2.77 per share on April 25, 2018, damaging investors.

Visit USMA Law Group’s LendingClub investigation webpage for more: http://usmarketlaw.com/lendingclub/.

About USMA Law Group

USMA Law Group is a national law firm based in the District of Columbia. The firm represents investors in antitrust, securities and shareholder litigation. To learn more, visit www.usmarketlaw.com.

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Contacts

U.S. Market Advisors Law Group PLLC (USMA Law Group)
David P. Abel, 202-274-0237
Licensed in DC, SC
dabel@usmarketlaw.com

Release Summary

LENDINGCLUB INVESTOR ALERT: Investigation and Proposed Securities Class Action Against LendingClub Corp Announced by USMA Law Group

Contacts

U.S. Market Advisors Law Group PLLC (USMA Law Group)
David P. Abel, 202-274-0237
Licensed in DC, SC
dabel@usmarketlaw.com