NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 2, 2018 to file lead plaintiff applications in a securities class action lawsuit against LendingClub Corporation (NYSE: LC), if they purchased the Company’s securities between February 28, 2015 and April 25, 2018, 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 securities 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, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-lc/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 2, 2018.
About the Lawsuit
LendingClub and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On April 25, 2018, the Federal Trade Commission filed a complaint against the Company based on multiple charges of wrongdoing including falsely promising loans to consumers with no hidden fees and subsequently applying “hundreds or even thousands of dollars in hidden up-front fees from the loans”; misleading consumers as to the approval status of their loan applications; and improperly withdrawing funds from consumer accounts.
On this news, the price of LendingClub’s shares plummeted $0.49 per share, or over 15%, to close at $2.77 per share on April 25, 2018.
About Kahn Swick & Foti, LLC
KSF, whose partners include 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.