NEW ORLEANS--(BUSINESS WIRE)--ClaimsFiler, a FREE shareholder information service, reminds 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.
LendingClub investors should visit us at https://www.claimsfiler.com/cases/view-lendingclub-corporation-securities-litigation-1 or call to speak to our claim center toll-free at (844) 367-9658.
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.
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