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LendingClub shares pop as firm seeks help after CEO departure

Fred Imbert

Shares of LendingClub (LC) rose more than 8 percent Monday as investors digested a Reuters report that said the company had hired Jefferies to find investors for loan funding.

Some of the company's largest investors halted purchases of LendingClub loans after former CEO Renaud Laplanche resigned when the company said a review discovered staff knowingly sold $22 million in loans in March and April that did not meet the buyer's requirements.

"Since our announcement two weeks ago, we have been approached by a number of existing and potential new investors about large purchases of loans on our platform," a spokesperson for the company said in a statement. "These are complex discussions that by their nature will take some time to complete."

Jefferies declined to comment.

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Despite Monday's pop, LendingClub's stock remained 61 percent lower for the year and down nearly 77 percent over the past 12 months.

LC in past 12 months

Source: FactSet

Click here to read Reuters' full report.



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