LendingClub Corporation. The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased LendingClub Corporation (NYSE: LC) securities pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with the Initial Public Offering on or about December 11, 2014 or who purchased shares from December 11, 2014 through May 6, 2016.
According to the complaint, throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) LendingClub’s internal controls were inadequate to ensure that LendingClub’s loans conformed to its customers’ criteria; (2) LendingClub’s internal controls were inadequate to ensure that relevant interests in third-party transactions were fully and timely disclosed; and (3) as a result, LendingClub’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you suffered a loss in LendingClub you have until July 15, 2016 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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