The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased LendingClub Corporation (NYSE: LC) securities between February 28, 2015 and April 25, 2018.
According to the LC 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 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 Federal Trade Commission (FTC) issued a press release announcing allegations that LendingClub violated the FTC Act and the Gramm-Leach-Bliley Act by falsely promising consumers they would receive a loan without hidden fees and failing to provide customers with a clear and conspicuous privacy notice.
If you suffered a loss in LendingClub Corporation you have until July 2, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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