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Case Status:    DISMISSED    
On or around 07/27/2020 (Other)

Filing Date: May 02, 2018

LendingClub Corporation operates an online marketplace platform that connects borrowers and investors in the United States.

The law firm press release alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) LendingClub falsely promised consumers they would receive a loan with “no hidden fees”; (2) LendingClub’s privacy policy did not comply with the Gramm-Leach-Bliley Act; (3) consequently, the foregoing conduct would subject LendingClub’s business practices to heightened regulatory scrutiny by the Federal Trade Commission; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On November 7, 2018, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated amended Complaint on January 7, 2019. Defendants filed Motions to Dismiss the consolidated amended Complaint on March 8. On November 4, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiffs were given leave to amend the Complaint. Lead Plaintiffs filed a second amended consolidated Complaint on December 19. On January 28, 2020, Defendants filed a Motion to Dismiss the second amended consolidated Complaint. The Court issued an Order granting Defendants' Motion to Dismiss on June 12. The Motion was granted with leave to amend in part and without leave to amend in part. On July 27, Lead Plaintiffs notified the Court that they did not intend to file a third amended Complaint. The Court then dismissed all claims with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. 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 #: 18-CV-02599
JUDGE: Hon.Beth Labson Freeman
DATE FILED: 05/02/2018
CLASS PERIOD START: 02/28/2015
CLASS PERIOD END: 04/25/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 18-CV-02599
JUDGE: Hon.Beth Labson Freeman
DATE FILED: 12/19/2019
CLASS PERIOD START: 08/08/2016
CLASS PERIOD END: 04/25/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
  2. The Rosen Law Firm, P.A. (New Los Angeles)
No Document Title Filing Date
—Related District Court Filings Data is not available