Energy News / Shareholders Foundation, Inc.

NYSE:LC Shareholder Notice: Lawsuit Alleges Securities Laws Violations by LendingClub Corporation

Via: ReleaseWire

Updated 12:00 PM CDT, Mon, May 14,2018

A lawsuit was filed on behalf of investors in LendingClub Corporation (NYSE: LC) shares over alleged securities laws violations.

San Diego, CA -- (SBWIRE) -- 05/14/2018 -- An investor, who purchased shares of LendingClub Corporation (NYSE: LC), filed a lawsuit over alleged violations of Federal Securities Laws by LendingClub Corporation in connection with certain allegedly false and misleading statements.

Investors in shares of LendingClub Corporation (NYSE: LC) have certain options and for certain investors are short and strict deadlines running. Deadline: July 2, 2018. NYSE: LC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff claims that between February 28, 2015 and April 25, 2018, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) LendingClub falsely promised consumers they would receive a loan with "no hidden fees"; (2) LendingClub's privacy policy did not comply with the Gramm-Leach-Bliley Act; (3) consequently, the foregoing conduct would subject LendingClub's business practices to heightened regulatory scrutiny by the Federal Trade Commission; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On April 25, 2018, the Federal Trade Commission ("FTC") announced that it charged LendingClub Corporation with "falsely promising consumers they would receive a loan with 'no hidden fees,' when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans." The FTC's complaint alleges that LendingClub violated the FTC Act and the Gramm-Leach-Bliley Act.

Those who purchased shares of LendingClub Corporation (NYSE: LC) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/nyselc-shareholder-notice-lawsuit-alleges-securities-laws-violations-by-lendingclub-corporation-976684.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com