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SHAREHOLDER ALERT: Brower Piven Notifies Investors of Class Action Lawsuit And Encourages Those Who Have Losses In Excess Of $100,000 From Investment In LendingClub Corporation (NYSE: LC) To Contact Brower Piven Before The Lead Plaintiff Deadline

STEVENSON, Md., May 15, 2018 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of LendingClub Corporation (NYSE:LC) (“LendingClub” or the “Company”) securities during the period between February 28, 2015 and April 25, 2018, inclusive (the “Class Period”).  Investors who wish to become proactively involved in the litigation have until July 2, 2018 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court.  The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action.  The lead plaintiff will be selected from among applicants claiming the largest loss from investment in LendingClub securities during the Class Period.  Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that LendingClub loans had hidden fees, LendingClub’s privacy policy did not comply with the Gramm-Leach-Bliley Act, and LendingClub’s business practices would subject it to heightened regulatory scrutiny by the Federal Trade Commission (“FTC”).

According to the complaint, following an April 25, 2018 FTC announcement that it had filed a complaint against LendingClub alleging that it falsely promised consumers they would receive a loan with “no hidden fees,” and did provide customers with a clear and conspicuous privacy notice so that each customer could reasonably be expected to receive actual notice, the value of LendingClub shares declined significantly.

If you have suffered a loss in excess of $100,000 from investment in LendingClub securities purchased on or after and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.  If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice.  You need take no action at this time to be a member of the class.

CONTACT:  Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com

/EIN News/ --

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