NEW YORK, May 16, 2018 (GLOBE NEWSWIRE) -- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of LendingClub Corporation (NYSE:LC) who purchased shares between February 28, 2015 and April 25, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.

In particular, the complaint alleges that throughout the Class Period, defendants made materially 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 ("FTC"); and (4) as a result, Defendants’ public statements were materially false and misleading at all relevant times. On April 25, 2018, the Federal Trade Commission (FTC) issued a press release announcing allegations that LendingClub violated the FTC Act and the Gramm-Leach-Bliley Act by falsely promising consumers they would receive a loan without hidden fees and failing to provide customers with a clear and conspicuous privacy notice.

Shareholders have until July 2, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/lendingclub-lc?wire=3.

Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:Joseph Klein, Esq.Empire State Building350 Fifth Avenue59th FloorNew York, NY 10118Telephone: (212) 616-4899Fax: (347) 558-9665www.kleinstocklaw.com