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LC

LendingClub

$2.78

-0.485 (-14.85%)

13:36
04/25/18
04/25
13:36
04/25/18
13:36

LendingClub calls charges in FTC complaint 'legally and factually unwarranted'

Following an inquiry that began in May 2016, the U.S. Federal Trade Commission brought an action against LendingClub earlier today in the Northern District of California alleging that certain LendingClub practices do not, or in the past did not, comply with the requirements of the FTC and Gramm-Leach-Bliley Acts. The company stated in response: "LendingClub is committed to delivering a superior customer experience, and appreciates and supports the important role the FTC plays in encouraging appropriate standards and best practices. However, LendingClub believes that the allegations in the FTC's complaint are legally and factually unwarranted. The company is disappointed that it was not possible to resolve this matter constructively with the agency's current leadership and intends to oppose the claims and work towards an early resolution of the matter in Federal Court. Additional information about the complaint and LendingClub's response are on its blog. LendingClub has helped more than two million borrowers improve their financial lives since its foundation more than a decade ago. The company makes credit more affordable and accessible by facilitating fixed-rate personal loans that offer significantly lower interest rates and fees than are available through traditional sources of unsecured credit."

  • 08

    May

LC LendingClub
$2.78

-0.485 (-14.85%)

03/27/18
UBSW
03/27/18
INITIATION
UBSW
Neutral
LendingClub initiated with a Neutral at UBS
UBS analyst Eric Wasserstrom initiated LendingClub with a Neutral rating and $4 price target, seeing in-line EPS and valuation for the company.
03/09/18
OPCO
03/09/18
NO CHANGE
Target $5
OPCO
Outperform
Oppenheimer a long-term buyer of LendingClub following meetings with CFO
Oppenheimer analyst Jed Kelly told investors in a research note that he continues to be a long-term buyer of LendingClub after hosting investor meetings with Tom Casey, the company's chief financial officer, and Artem Nalivayko. Investor Relations. Kelly, who has an Outperform rating and $5 price target on LendingClub, said that despite some near-term volatility around recent quarterly results, management remains "positive" in the long-term potential to extract greater value in the company's $9B-plus origination scale. According to Kelly, the company is aware of the challenge to drive efficient growth through paid marketing, and is "encouraged" by its structured programs, especially certificates, and "discussing internally how to better telegraph securitization progress to the Street." LendingClub has "limited enthusiasm" around buying smaller/sub- scale online lenders based on a current valuation disconnect, Kelly added.
02/23/18
02/23/18
DOWNGRADE
Target $4

Neutral
LendingClub downgraded to Neutral on competitive concerns at Guggenheim
As previously reported, Guggenheim downgraded LendingClub to Neutral from Buy and maintained a $4 price target. Analyst Jeff Cantwell expects significant headwinds to top line growth and margin expansion due to an intensifying competitive environment in LendingClub's core consumer lending business, especially from balance sheet lenders. Further, the analyst said future legal expenses are not currently quantifiable and could serve as another headwind.
02/23/18
GUGG
02/23/18
DOWNGRADE
GUGG
Neutral
LendingClub downgraded to Neutral from Buy at Guggenheim

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