SOURCE: Levi & Korsinsky, LLP

Levi & Korsinsky, LLP

May 09, 2016 17:31 ET

INVESTOR ALERT: Levi & Korsinsky, LLP Notifies Shareholders of LendingClub Corporation of Class Action Lawsuit -- LC

NEW YORK, NY--(Marketwired - May 09, 2016) - The following statement is being issued by Levi & Korsinsky, LLP:

To: All persons or entities who purchased or otherwise acquired securities of LendingClub Corporation ("LendingClub") (NYSE: LC) pursuant and/or traceable to the Company's Initial Public Offering on December 11, 2014.

You are hereby notified that a securities class action lawsuit has been commenced in the Superior Court of the State of California, County of San Mateo. If you purchased or otherwise acquired LendingClub securities pursuant to the IPO, your rights may be affected by this action. To get more information go to: http://zlk.9nl.com/lendingclub-lc.

The complaint alleges that the documents filed in connection with the IPO contained materially false and misleading statements and/or failed to disclose that: (1) LendingClub had an unsustainable business model dependent on its ability to issue loans with usurious rates; (2) LendingClub's loan investors would not be able to enforce the high rates because they were illegal; (3) without the usurious rates, the loans generated through LendingClub's marketplace would not be attractive to investors because they had a high credit risk; and (4) a substantial portion of LendingClub's loans were issued with rates in excess of those allowed by applicable state usury laws.

If you suffered a loss in LendingClub and would like to obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/lendingclub-lc.

Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph E. Levi, Esq.
    30 Broad Street - 24th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Toll Free: (877) 363-5972
    Fax: (212) 363-7171
    www.zlk.com