- Shares were down 8.2% by 12:56 p.m. ET, according to Markets Insider data.
- The FTC alleges the company falsely told "consumers they would receive a loan with "no hidden fees," when, in actuality, the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans."
- Lending Club, which went public in 2014, has seen more than 80% of its market value wiped away since.
- The company
- saw an exodus of investors and a fall in revenue after a fraud scandal and the resignation of its chief executive,
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Lending Club tanks after getting slammed with charges for allegedly misleading customers (LC)
The company's stock is taking a beating.
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