NEW YORK, Nov. 18, 2017 (GLOBE NEWSWIRE) — Stull, Stull & Brody (“SS&B”) reminds investors that a class action lawsuit was commenced in the United States District Court for the Northern District of California on behalf of purchasers of stock of LendingClub Corporation (“LendingClub” or the “Company”) during the period from December 11, 2014 through May 6, 2016 (the “Class Period”). The complaint alleges, among other things, LendingClub misled investors with respect to its loan origination volume and that the Company had material weaknesses in its internal controls.
During the same period of time, LendingClub employees were purchasing stock in LendingClub’s 2014 Employee Stock Purchase Plan (the “ESPP”). SS&B is investigating whether the registration statement filed with the Securities and Exchange Commission that allowed the ESPP to purchase Company stock violated Section 11 of the Securities Act of 1933 by omitting material facts and otherwise containing inaccurate, misleading and untrue statements of fact.
If you participated in LendingClub’s ESPP during the Class Period, your rights may be affected. If you purchased or acquired LendingClub stock in the ESPP during the Class Period, and you wish to discuss this your rights or have any questions concerning this notice or your rights or interests, please contact Michael Klein, Esq. of SS&B at LC@ssbny.com, telephone 212-687-7230 x147, or by fax to 212-490-2022.
SS&B has litigated class actions for violations of securities laws and breaches of fiduciary duty on behalf of defrauded investors over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. SS&B has offices in New York and Beverly Hills. SS&B’s website (www.ssbny.com) has additional information about the firm.
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