According to the law firm press release, LendingClub Corporation, together with its subsidiaries, operates as an online marketplace that connects borrowers and investors in the United States.

The Complaint alleges that in connection with the IPO and throughout the Class Period, Defendants made materially false and misleading statements regarding the LendingClub’s business, operations and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) LendingClub’s internal controls were inadequate to ensure that LendingClub’s loans conformed to its customers’ criteria; (ii) LendingClub’s internal controls were inadequate to ensure that relevant interests in third-party transactions were fully and timely disclosed; and (iii) as a result of the foregoing, LendingClub’s public statements were materially false and misleading at all relevant times.

On August 15, 2016, the Court issued an Order appointing Lead Plaintiff. On October 28, the Court also appointed Lead Counsel.

A consolidated Complaint was filed on December 9, 2016.

An amended and consolidated Complaint was filed on June 15, 2017.

On February 21, 2018, the Parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved on March 16. On July 20, the Court issued an Order granting final approval of the Settlement. On September 24, the Court issued an Order awarding Attorneys' Fees and Expenses and entered Final Judgment.