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LendingClub Says It Doesn’t Need to Restate Financial Statements

May 17, 2016, 12:20 PM UTC
Courtesy of LendingClub

LendingClub Corp said on Tuesday it would not need to restate financial statements as a result of the “material weakness” in internal controls that led to the exit of the online lending platform operator’s chief executive.

The company said on Monday it had received a subpoena from the U.S. Department of Justice and that the DOJ and the U.S. Securities and Exchange Commission may have additional requests.

LendingClub’s CEO and founder, Renaud Laplanche, resigned earlier this month after an internal probe found that the company had knowingly sold an investor $22 million of loans that the investor did not want.