Shares of embattled online lender Lending Club dropped 7% in midday trading as the company canceled its shareholder meeting and warned investors that its loan volume will decrease.
Lending Club (LC) has seen its share price plummet by over 60% in the past few months amid an executive shakeup and news that the U.S. Department of Justice has launched an investigation into the company. Lending Club’s CEO, Renaud LaPlanche, left the company earlier this year over questions surrounding its lending practices.
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Founded in 2007, Lending Club was one of the pioneers in peer to peer lending by creating a marketplace that connect borrowers and lenders. The company took traditional banks out of the equation to connect investors directly with those in need of a loan like small business owners who may not have qualified for a loan from a traditional bank and individuals looking to consolidate their debt.
On Tuesday, Lending Club rescheduled Tuesday’s shareholder meeting, saying that the company was not ready to talk publicly to investors about the current state of its business.
“Given the developments of the last few weeks, the Company is not yet in a position to provide its stockholders a complete report on the state of the Company,” Lending Club said in a filing. The new meeting is scheduled for June 28, 2016.
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The company also said in a separate filing that it would be raising interest rates as well as will be looking to reduce loans to riskier borrowers who have a large amount of debt. The company said it would be increasing interest rates in order to create more returns for its investors. Because of the change in criteria for loans to be issued to borrowers, the company warned that its loan volume is expected decrease by around 5%.
Lending Club isn’t the only online lender to face a tightening credit market. Prosper, a private company, recently reported that it plans to cut 28% of its staff, shutter its Salt Lake City office, and reshuffle its own executive bench. Fellow rival online lender Avant has also succumbed to layoffs.