WAYNE, Pa., May 11, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC).
LendingClub shareholders who purchased shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at firstname.lastname@example.org to learn more about this investigation or visit: www.rmclasslaw.com/cases/lc.
The investigation concerns whether LendingClub and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
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.
If you own LendingClub shares 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: (877) 316-3218 or visit: www.rmclasslaw.com/cases/lc. You may also email Mr. Maniskas at email@example.com. For more information about class action cases in general, 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. To learn more about the class action process, please visit: www.rmclasslaw.com.
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SOURCE Ryan & Maniskas, LLP