The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been commenced in
the United States District Court for the Northern District of California
on behalf of purchasers of LendingClub Corporation (NYSE: LC)
(“LendingClub” or the “Company”) securities during the period between
February 28, 2015 and April 25, 2018, inclusive (the “Class Period”).
Investors who wish to become proactively involved in the litigation have
until July 2, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must
apply to be appointed lead plaintiff and be selected by the Court. The
lead plaintiff will direct the litigation and participate in important
decisions including whether to accept a settlement for the class in the
action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in LendingClub securities
during the Class Period. Members of the class will be represented by the
lead plaintiff and counsel chosen by the lead plaintiff. No class has
yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities
Exchange Act of 1934 by virtue of the defendants’ failure to disclose
during the Class Period that LendingClub loans had hidden fees,
Act, and LendingClub’s business practices would subject it to heightened
regulatory scrutiny by the Federal Trade Commission (“FTC”).
According to the complaint, following an April 25, 2018 FTC announcement
that it had filed a complaint against LendingClub alleging that it
falsely promised consumers they would receive a loan with “no hidden
fees,” and did provide customers with a clear and conspicuous privacy
notice so that each customer could reasonably be expected to receive
actual notice, the value of LendingClub shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in
LendingClub securities purchased on or after February 28, 2015 and held
through the revelation of negative information during and/or at the end
of the Class Period and would like to learn more about this lawsuit and
your ability to participate as a lead plaintiff, without cost or
obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s. If you choose to retain counsel,
you may retain Brower Piven without financial obligation or cost to you,
or you may retain other counsel of your choice. You need take no action
at this time to be a member of the class.
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