PROPOSED SECURITIES CLASS ACTION AGAINST LENDINGCLUB CORP.
ACT NOW TO PARTICIPATE IN THE ACTION
U.S. Market Advisors Law Group PLLC is preparing for the filing of a securities fraud class action against Danske Bank A/S (OTC:DNKEY), on behalf of investors who suffered losses from purchases of Danske Bank ADRs between February 6, 2014 and October 4, 2018.
Contact Us to participate in the action (not yet filed) or to receive other important information. You may also directly contact David P. Abel, Managing Attorney of USMA Law Group, to discuss this matter at no obligation or cost: (202) 274-0237, [email protected].
According to the proposed complaint, LendingClub allegedly made false and misleading statements and failed to disclose that: (i) the company falsely promised it would not charge customers hidden fees; (ii) LendingClub’s privacy policy was not in compliance with the Gramm-Leach-Bliley Act–a federal law to control the ways that financial institutions handle the private information of individuals; and (iii) as a result, this would subject LendingClub’s business practices to heightened scrutiny by regulators.
On April 25, 2018, the Federal Trade Commission announced that it had filed an action against LendingClub, alleging violations of: (i) the FTC Act for falsely assuring customers they would receive a loan with “no hidden fees”; and (ii) the Gramm-Leach-Bliley-Act for failing to provide customers with a clear and conspicuous privacy notice so they could reasonably be expected to receive actual notice.
As a result, the price of LendingClub’s common stock declined over 15% per share from its previous closing price to close at $2.77 per share on April 25, 2018, damaging investors.