NEW YORK, May 3, 2018 /PRNewswire/ -- Bernstein Liebhard
LLP announces that a class action lawsuit has been filed on behalf of purchasers of the securities of LendingClub Corporation
("LendingClub" or the "Company") (NYSE: LC) between February 28, 2015 and April 25, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover damages for LendingClub
investors under the federal securities laws.
To join the LendingClub class action, and/or if you have information relating to this matter, please visit our LENDINGCLUB SHAREHOLDER PAGE or
contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to
disclose that: (1) LendingClub falsely promised consumers they would receive a loan with "no hidden fees"; (2) LendingClub's
privacy policy did not comply with the Gramm-Leach-Bliley Act; (3) consequently, the foregoing conduct would subject
LendingClub's business practices to heightened regulatory scrutiny by the U.S. Federal Trade Commission ("FTC"); and (4) as a
result, Defendants' public statements were materially false and misleading at all relevant times.
On April 25, 2018, the 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 per share on April 25, 2018, damaging
investors.
If you wish to serve as lead plaintiff, you must move the Court no later than July 2, 2018. A
lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to
share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent
class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition
to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the
country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed
in The Legal 500 for ten consecutive years.
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ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard
LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for
this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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SOURCE Bernstein Liebhard LLP