LEXINGTON, KY / ACCESSWIRE / May 10, 2016 / The law firm of Mehr, Fairbanks & Peterson Trial Lawyers, PLLC has commenced an investigation of LendingClub Corporation (NYSE: LC) ("LendingClub" or "the Company") on behalf of the Company's shareholders. For additional information about this investigation, or to request information about this investigation online, please visit www.mehrfairbanks.com/lendingclub/.

On May 9, 2016, The Wall Street Journal reported that Renaud Laplanche, LendingClub's founder and Chief Executive Officer, had "resigned Monday following a board investigation into what it called improper practices in the lending process." The article further reported that "the board review found that the Company sold an investor $22 million in loans whose characteristics violated the investor's 'express instructions.'" Three other senior managers were also terminated or resigned over the incident.

LendingClub further disclosed that its review also "discovered another matter unrelated to the sale of the loans, involving a failure to inform the board's Risk Committee of personal interests held in a third party fund while the Company was contemplating an investment in the same fund," and that the Company's regulatory filing with the Securities and Exchange Commission would be delayed.

Following this news, shares of LendingClub stock declined over 25% during trading on Monday, May 9, 2016.

LendingClub shareholders who wish to discuss this investigation and their legal options are encouraged to contact Mehr, Fairbanks & Peterson Trial Lawyers, PLLC (Erik D. Peterson, Esq.) at (800) 249-3731 or via e-mail at contact@austinmehr.com. For additional information about this investigation, or to request information about this investigation online, please visit www.mehrfairbanks.com/lendingclub/.

For more information about Mehr, Fairbanks & Peterson Trial Lawyers, PLLC, or for additional information about participating in this action, please visit www.mehrfairbanks.com. This is an advertisement.

CONTACT:

Mehr, Fairbanks & Peterson Trial Lawyers, PLLC
Erik D. Peterson, Esq.
201 W. Short Street, STE 801
Lexington, KY 40502
1-800-249-3731 (toll free)
contact@austinmehr.com

SOURCE: Mehr, Fairbanks & Peterson Trial Lawyers, PLLC