NEW YORK, May 14, 2016 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at LendingClub Corporation
("LendingClub" or the "Company") (NYSE:LC).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose
that former Chairman and CEO, Renaud Laplanche ("Laplanche") violated an investor's express
instructions as to a non-credit and non-pricing element.
Specifically, the Company announced that on May 6, 2016, the board of directors accepted the
resignation of Laplanche. The resignation followed an internal review of sales of $22 million
in near-prime loans to a single investor, in violation of the investor's express instructions in March and April 2016.
On this news, LendingClub's share price fell from $7.10 per share on May
6, 2016 to a closing price of $4.62 on May 9, 2016 —a
$2.48 or a 34.93% drop.
Request more information now by clicking here: www.faruqilaw.com/LC. There is no cost or obligation to you.
Take Action
If you invested in LendingClub securities and would like to discuss your legal rights, visit www.faruqilaw.com/LC. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding LendingClub's conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar
outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All
communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
Logo - http://photos.prnewswire.com/prnh/20120119/MM38856LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lendingclub-shareholder-notice-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-in-excess-of-100000-investing-in-lendingclub-corporation-to-contact-the-firm-300268622.html
SOURCE Faruqi & Faruqi, LLP