NEW YORK, March 3, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC). The class action has been filed on behalf of a class consisting of all persons or entities who purchased LendingClub securities pursuant to and/or traceable to LendingClub's December 11, 2014 Initial Public Offering (the "IPO").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
LendingClub is a US peer-to-peer lending company, headquartered in San Francisco, California. LendingClub operates an online lending platform that enables borrowers to obtain a loan, and investors to purchase notes backed by payments made on loans.
The complaint alleges that the documents filed in association with the IPO contained materially false and misleading statements and/or failed to disclose that: (1) LendingClub had an unmaintainable business model reliant on on its ability to distribute loans with usurious rates; (2) LendingClub's loan investors would not be able to impose the high rates because they were illegal; (3) without the penny-pinching rates, LendingClub's loans and marketplace would not attract investors because of its high credit risk; and (4) a considerable amount of LendingClub's loans were distributed with rates in excess of those allowed by applicable state usury laws. When the true details were made public, investors suffered damages.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!lc/qq203. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in LendingClub you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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