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EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against LendingClub Corporation - LC

LC

Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of LendingClub Corporation common stock (NYSE:LC) pursuant to and/or traceable to LendingClub’s December 11, 2014 Initial Public Offering (the “IPO”). The lawsuit seeks to recover damages for LendingClub investors under the federal securities laws.

To join the LendingClub class action, go to the firm’s website at http://rosenlegal.com/cases-851.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.

According to the lawsuit, the documents filed in connection with the IPO contained materially false and misleading statements and/or failed to disclose that: (1) LendingClub had an unsustainable business model dependent on its ability to issue loans with usurious rates; (2) LendingClub’s loan investors would not be able to enforce the high rates because they were illegal; (3) without the usurious rates, the loans generated through LendingClub’s marketplace would not be attractive to investors because they had a high credit risk; and (4) a substantial portion of LendingClub’s loans were issued with rates in excess of those allowed by applicable state usury laws. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you wish to join the litigation, go to the firm’s website at http://rosenlegal.com/cases-851.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com