I received in the mail today a Notice of Pendency and Proposed Settlement of Class Action for folks who purchased LC stock between December 10, 2014 through May 6, 2016. I still have my 175 shares of LC stock purchased Dec 11, 2014 at $15 per share (now worth $3.32 per share). Net recovery for class members is estimated to be $106.835 million. So I am in the process of filling out the claim form which must be submitted no later than June 25, 2018. I wondering if anyone else on the forum is making a claim and I had a few questions (below).
All the information I received in the mail about this proposed settlement can be found at
http://www.lendingclubsecuritiesclassaction.com/The claim form instructions at
http://www.lendingclubsecuritiesclassaction.com/media/1352097/v5_lbs_poc_040518_final-web.pdf states:
II. CLAIMANT IDENTIFICATION
If you purchased or otherwise acquired LendingClub Corporation (“LendingClub”) common stock and held the certificate(s) in your name, you are the beneficial purchaser or acquirer as well as the record purchaser or acquirer. If, however, you purchased or acquired LendingClub common stock and the certificate(s) were registered in the name of a third party, such as a nominee or brokerage firm, you are the beneficial purchaser or acquirer, and the third party is the record purchaser or acquirer.
Use Part I of this form entitled “Claimant Identification” to identify each purchaser or acquirer of record (“nominee”), if different from the beneficial purchaser or acquirer of the LendingClub common stock that forms the basis of this claim. THIS CLAIM MUST BE FILED BY THE ACTUAL BENEFICIAL PURCHASER(S) OR ACQUIRER(S) OR THE LEGAL REPRESENTATIVE OF SUCH PURCHASER(S) OR ACQUIRER(S) OF THE LENDINGCLUB COMMON STOCK UPON WHICH THIS CLAIM IS BASED.My shares were purchased through Fidelity Investments as the broker and remain in my Fidelity account so does that mean the certificates were registered in Fidelity’s name? I assume I would be the “beneficial purchaser or acquirer” and that Fidelity would be the “record purchaser or acquirer.” I am confused about where to put the name of the on the claim form (See page 3 of proof of claim and release of webpage above). Below from the claim form are some of the fields I have questions about:
Last Name M.I. First Name (I would put my name here)
Check either IRA, Joint Tenancy, Employee, Individual, or Other (I would check individual, correct?)
Company Name (Beneficial Owner - If Claimant is not an Individual) or Custodian Name if an IRA (I would leave this blank, because I am the beneficial owner and I am an individual)
Trustee/Asset Manager/Nominee/Record Owner’s Name (If Different from Beneficial Owner Listed Above) (I would put Fidelity Investments here as record owner, correct?)
Account#/Fund# (Not Necessary for Individual Filers) (So do I include my Fidelity brokerage account number that shows my LC share information? But it says not necessary for individual filers, and I am an individual filer, correct? I have to submit with the claim form documentation showing my purchase of LC stock in December 2014 and my holdings as of May 6, 2016 and April 9, 2018 so I think it would be necessary/beneficial to show my account number)
My only documentation that I still had the stock as of April 9, 2018 is a copy of my online account balance-it does not show my name on the screen and only shows my partial account number. The statements for this account are only issued quarterly and the next statement won’t be issued until June 30, 2018 and the claim must be submitted by June 25, 2018. But my statements from December 31, 2014 and June 30, 2016 have my full account number, so I guess the claim reviewers can match up my online screen LC balance information to that account number.
I just want to make sure I don’t screw up something on submitting the claim form. According to page 15 of the Notice and Pendency and Proposed Settlement of Class Action (
http://www.lendingclubsecuritiesclassaction.com/media/1352094/v7_lbs_notice_040518_final.pdf), I could get up to:
for shares retained at the end of April 9, 2018, the claim per share shall be $5.01 per share ($1.98 per share (25% of the decline from the $15.00 IPO price to the $7.10 May 6, 2016 closing price), plus $3.03 per share (the May 9, 2016 and May 10, 2016 market adjusted price declines)).
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