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LendingClub Shares More Bad News

(Reuters) – LendingClub said on Tuesday it would not be able to file its first-quarter report in time, primarily due to the resignation of its chief executive.

Renaud Laplanche, founder and CEO of the online lender, resigned on May 6 after an internal probe found that the company had knowingly sold an investor $22 million of loans that the investor did not want.

The company, which is by far the largest of the so-called marketplace lenders, plans to file the report on or prior to May 16, it said in a regulatory filing.

LendingClub’s shares (LC) have lost 42.3% of their value since May 9, when the company announced the CEO’s resignation.