Robbins Arroyo LLP: LendingClub Corporation (LC) Investors Survive Defendants’ Motion to Dismiss in Securities Class Action
Robbins Arroyo LLP announces that a lawsuit was filed against LendingClub Corporation (NYSE: LC) in the U.S. District Court for the Northern District of California in May 2016, alleging that the company misled investors about its compliance practices. On May 27, 2017, the court denied LendingClub’s motion to dismiss the case, noting that investors had adequately pointed out misleading elements of LendingClub’s registration statement, including supposed weaknesses in its financial reporting and poor data integrity protocols, among other things. LendingClub, together with its subsidiaries, operates as an online marketplace that connects borrowers and investors in the United States.
LendingClub Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.