LendingClub Corp (NYSE:LC) Investor Investigation Concerning Potential Securities Laws Violations Announced

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January 29, 2016 (Shareholders Foundation) - An investigation on behalf of investors of LendingClub Corp (NYSE:LC) shares over potential securities laws violations by LendingClub and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of LendingClub Corp (NYSE:LC) concerning whether a series of statements by LendingClub Corp regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

On December 11, 2015, it was reported that “the California Department of Business Oversight, which oversees securities and lending activity in that state, sent requests to 14 companies for details about their lending practices, investors and business models.” It was then reported that on December 14 a spokesman for the Department of Business Oversight, sent out an email naming LendingClub as one of the 14 companies.

LendingClub Corp reported that its annual Total Revenue rose from $285.45 million in 2013 to $567.74 million in 2014 while its Net Income of $7.31 million declined to Net Loss of $32.89 million in 2014.

Shares of LendingClub Corp (NYSE:LC) declined from $25.74 per share in December 2014 to as low as $6.68 per share on January 20, 2016.