BOSTON, May 18, 2016 /PRNewswire/ -- LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC) and its former Chairman and Chief Executive Officer, Renaud Laplanche, along with the Company's current CFO Carrie Dolan, were named as defendants in a lawsuit filed today alleging that they violated the Federal Securities Laws filed by Block & Leviton LLP.
The lawsuit, filed in Federal Court in the Northern District of California, Wertz v. Laplanche, Case No. 3:16-cv-02670, 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 purchased LendingClub stock between December 11, 2014 and May 9, 2016 you may be a member of the alleged class. You may move the Court to be a lead plaintiff or you need not take any action at this time. If you wish to be a lead plaintiff, you must file a motion by July 15, 2016. If you are interested in becoming a lead plaintiff, have questions about your legal rights, or if you have information relevant to this investigation, please contact attorneys Joel Fleming or Jake Walker of Block & Leviton LLP at (617) 398-5600 or at email@example.com or firstname.lastname@example.org. You may also retain counsel of your own choosing.
Confidentiality for any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over 70 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing were recently covered by the New York Times.
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SOURCE Block & Leviton LLP