San Diego, CA -- (SBWIRE) -- 05/16/2016 -- An investigation was announced for investors in NYSE:LC shares concerning potential breaches of fiduciary duties by certain directors of LendingClub Corp.

Shares of San Francisco, CA based LendingClub Corp declined from $25.74 per share in December 2014 to as low as $6.68 per share on January 20, 2016.

Investors who are current long term investors in LendingClub Corp (NYSE:LC) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.

The investigation by a law firm for investors in NYSE:LC stocks follows a lawsuit filed recently against LendingClub Corp over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:LC stocks, concerns whether certain LendingClub officers and directors are liable in connection with the allegations made in that lawsuit. The plaintiff claims that the documents filed in connection with the IPO contained allegedly materially false and misleading statements and/or failed to disclose that LendingClub had an unsustainable business model dependent on its ability to issue loans with usurious rates, that LendingClub's loan investors would not be able to enforce the high rates because they were illegal, that without the usurious rates, the loans generated through LendingClub's marketplace would not be attractive to investors because they had a high credit risk, and that a substantial portion of LendingClub's loans were issued with rates in excess of those allowed by applicable state usury laws.

On December 11, 2015, it was reported that "the California Department of Business Oversight, which oversees securities and lending activity in that state, sent requests to 14 companies for details about their lending practices, investors and business models." It was then reported that on December 14 a spokesman for the Department of Business Oversight, sent out an email naming LendingClub as one of the 14 companies.

On May 9, 2016, LendingClub Corp announced the resignation of Renaud Laplanche as Chairman and CEO. Renaud Laplanche's departure followed an internal review of the sale of $22 million of nonconforming loan to a single investor.

Shares of LendingClub Corp (NYSE:LC) declined on May 12, 2016, to as low as $3.67 per share.

Those who purchased shares of LendingClub Corp have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com