RADNOR, Pa., May 9, 2016 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP has commenced an investigation of LendingClub Corporation (NYSE: LC) ("LendingClub" or "the Company") on behalf of the Company's shareholders.
On May 9, 2016, The Wall Street Journal reported that Renaud Laplanche, LendingClub's founder and Chief Executive Officer, had "resigned Monday following a board investigation into what it called improper practices in the lending process." The article further reported that "the board review found that the Company sold an investor $22 million in loans whose characteristics violated the investor's 'express instructions.'" Three other senior managers were also terminated or resigned over the incident.
LendingClub further disclosed that its review also "discovered another matter unrelated to the sale of the loans, involving a failure to inform the board's Risk Committee of personal interests held in a third party fund while the Company was contemplating an investment in the same fund," and that the Company's regulatory filing with the Securities and Exchange Commission would be delayed.
Following this news, shares of LendingClub stock declined over 25% during trading on Monday, May 9, 2016.
LendingClub shareholders who wish to discuss this investigation and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at firstname.lastname@example.org. For additional information about this investigation, or to request information about this investigation online, please visit www.ktmc.com/lendingclub-corporation.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
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SOURCE Kessler Topaz Meltzer & Check, LLP