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LendingClub fourth quarter earnings miss forecasts

The company has reached a preliminary settlement on class-action lawsuits arising from legacy issues in 2016

LendingClub
Shares in the online lender slumped ahead of the opening bell

Online lender LendingClub Corp (NYSE:LC) reported worse-than-expected fourth quarter earnings as it took a class-action litigation settlement charge of US$77.25mln.

LendingClub’s net loss widened to US$92.1mln, or 22 cents a share, in the quarter, from a loss of US$32.3mln or 8 cents a share, a year ago.

Excluding one-off items, the group earned 1 cent per share, missing analysts’ estimates of 2 cents a year.

Revenue jumped 20% to US$156.5mln from $30.5mln a year ago but was below market forecasts of US$157.6mln.

The lender has been trying to repair its image since an internal investigation in 2016 found it had falsified documents when selling US$22mln of loans to an investor.

LendingClub said it had reached a preliminary settlement on the class-action lawsuits filed in federal and California state courts arising from some legacy issues in 2016.

Shares fell 9.2% to US$4.13 each in US pre-market trade. 

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