Case Page

 

Case Status:    ONGOING    
On or around 07/31/2017 (Ongoing date of last review)

Filing Date: May 16, 2016

According to the law firm press release, LendingClub, 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, operational 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.

COMPANY INFORMATION:

Sector: Financial
Industry: Consumer Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 16-CV-02627
JUDGE: Hon. William Alsup
DATE FILED: 05/16/2016
CLASS PERIOD START: 12/11/2014
CLASS PERIOD END: 05/06/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 16-CV-02627
JUDGE: Hon. William Alsup
DATE FILED: 06/15/2017
CLASS PERIOD START: 12/11/2014
CLASS PERIOD END: 05/06/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date