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. On August 19, Lead Plaintiffs filed a notice appealing the Court's judgment. The Court of Appeals affirmed the District Court's Dismissal Order on September 21, 2021.