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Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against LendingClub Corporation

To join this class action, please complete the following Investor Certification.  

LendingClub Corporation [NYSE: LC] Investor Certification

  • Plaintiff Certifies That:

  • # Shares PurchasedDate Of PurchasePrice Paid Per ShareClass Of Stock (e.g. Common)If Sold, # Of Shares SoldDate Sold (If Sold)Per Share Selling Price 
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Oklahoma City, OK (May 4, 2018) – On May 2, 2018, a securities class action lawsuit was filed in the United States District Court for the Northern District of California against LendingClub Corporation (NYSE: LC).  The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is February 28, 2015 through April 25, 2018.  More specifically, this litigation was filed because on April 25, 2018, the Federal Trade Commission (“FTC”) announced in a press release that it had filed a complaint against LendingClub alleging violations of, inter alia, the FTC Act for falsely promising consumers they would receive a loan with “no hidden fees[,]” and the Gramm-Leach-Bliley Act for failing to provide customers with a clear and conspicuous privacy notice so that each customer could reasonably be expected to receive actual notice. The press release stated, in relevant part: “The Federal Trade Commission has 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.”

On this news, shares of LendingClub fell $.49 per share to close at $2.77 per share on April 25, 2018.

Plaintiff seeks to recover damages on behalf of all LendingClub Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above.  You may move the Court no later than Monday, July 2, 2018 to serve as a lead plaintiff for the entire Class.  However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

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