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.
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