WAYNE, Pa., May 26, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the United States District Court for the Northern District of California on behalf of purchasers of LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC) common stock during the period between December 11, 2014 and May 9, 2016, inclusive (the "Class Period").
LendingClub shareholders may, no later than July 15, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of LendingClub and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/lc.
The complaint alleges that LendingClub repeatedly promised investors that the Company did not invest in notes on its own platform and took no credit risk, but failed to disclose that the Company, along with Laplanche and a member of the LendingClub Board invested in a fund that invested over $175 million in notes on the LendingClub platform. When this news reached the market, and following the abrupt resignation of Laplanche as a result of these findings, LendingClub shares dropped by over 50%.
If you are a member of the class, you may, no later than July 15, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/lc. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP