BOSTON, May 18, 2016 /PRNewswire/ -- LendingClub
Corporation ("LendingClub" or the "Company") (NYSE: LC) and its former Chairman and Chief Executive Officer, Renaud Laplanche, along with the Company's current CFO Carrie Dolan, were named
as defendants in a lawsuit filed today alleging that they violated the Federal Securities Laws filed by Block & Leviton
LLP.
The lawsuit, filed in Federal Court in the Northern District of California, Wertz v.
Laplanche, Case No. 3:16-cv-02670, alleges that LendingClub repeatedly promised investors that the Company did not invest in
notes on its own platform and took no credit risk, but failed to disclose that the Company, along with Laplanche and a member of
the LendingClub Board invested in a fund that invested over $175 million in notes on the
LendingClub platform. When this news reached the market, and following the abrupt resignation of Laplanche as a result of these
findings, LendingClub shares dropped by over 50%.
If you purchased LendingClub stock between December 11, 2014 and May 9,
2016 you may be a member of the alleged class. You may move the Court to be a lead plaintiff or you need not take any
action at this time. If you wish to be a lead plaintiff, you must file a motion by July 15, 2016.
If you are interested in becoming a lead plaintiff, have questions about your legal rights, or if you have information relevant
to this investigation, please contact attorneys Joel Fleming or Jake
Walker of Block & Leviton LLP at (617) 398-5600 or at joel@blockesq.com or jake@blockesq.com. You
may also retain counsel of your own choosing.
Confidentiality for any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton LLP is a Boston-based law firm representing investors nationwide. The
firm's lawyers have collectively been prosecuting securities cases on behalf of individual and institutional investors for over
70 years, and have recovered billions of dollars on their behalf. Block & Leviton's investigations into corporate wrongdoing
were recently covered by the New York Times.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Joel Fleming joel@blockesq.com
Jake Walker jake@blockesq.com
(617)398-5600
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SOURCE Block & Leviton LLP