NEW YORK, May 14, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that former Chairman and CEO, Renaud Laplanche ("Laplanche") violated an investor's express instructions as to a non-credit and non-pricing element.
Specifically, the Company announced that on May 6, 2016, the board of directors accepted the resignation of Laplanche. The resignation followed an internal review of sales of $22 million in near-prime loans to a single investor, in violation of the investor's express instructions in March and April 2016.
On this news, LendingClub's share price fell from $7.10 per share on May 6, 2016 to a closing price of $4.62 on May 9, 2016 —a $2.48 or a 34.93% drop.
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If you invested in LendingClub securities and would like to discuss your legal rights, visit www.faruqilaw.com/LC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding LendingClub's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP