NEW YORK, April 26, 2018 /PRNewswire/ -- Bernstein Liebhard LLP is investigating potential securities fraud claims on behalf of shareholders of LendingClub Corporation ("LendingClub" or the "Company") (NYSE: LC). If you purchased LendingClub securities, and/or have information relating to this matter, please visit our LENDINGCLUB SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
On April 25, 2018, the U.S. Federal Trade Commission ("FTC") "charged the LendingClub Corporation with falsely promising consumers they would receive a loan with 'no hidden fees,' when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans." The FTC's complaint against LendingClub states that the Company is "persisting in this conduct despite warnings from its own compliance department that [it's] concealment of the up-front fee is 'likely to mislead the consumer.'" Additionally, the FTC's complaint states that LendingClub's "internal compliance reviews repeatedly cite the concealment of the fee as a significant problem for consumers."
On this news, LendingClub's stock fell $0.49 per share, or over 15%, from its previous closing price to close at $2.77 on April 25, 2018.
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