Lending Club CEO Takes Fall On Investment, Board Member Mack Questioned Amid Poor Disclosure
As Lending Club CEO Renaud Laplanche takes a fall due in part to an investment in a related company that was similar to that of board member John Mack, troubles mount on all sides. The company and its regulatory disclosures, considered a specialty of regulatory veteran and board member Larry Summers, are also coming into critical focus. As a result of the troubles, the stock closed at its lowest level since the firm's successful initial public offering.
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