SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that a shareholder has filed a stockholder derivative complaint on behalf of LendingClub Corporation (NYSE: LC) against certain current and former directors and officers for violations of federal securities laws and breaches of fiduciary duty. LendingClub operates an online marketplace platform that connects borrowers and investors in the U.S.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/lendingclub-corp-july-2018/
LendingClub Accused of Making Misleading Customers
According to the complaint, since February 28, 2015, LendingClub has made false and misleading statements concerning its business operations, treatment of customers, and compliance with federal laws. LendingClub publicly asserted and filed statements with the U.S. Securities and Exchange Commission stating that its services contained "no hidden fees" despite the fact that fees were deducted upfront. Further, LendingClub regularly made unauthorized and improper electronic bank account withdrawals from its customers without its customers' consent or notice. This behavior has resulted in the filing of a Federal Trade Commission complaint alleging consumer protection violations against LendingClub and a federal securities class action against certain officers and directors for violations of the Securities Exchange Act of 1934 for issuing false and misleading statements.
LendingClub Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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