Shanda, the Chinese investment group, has emerged as the largest shareholder in Lending Club, the online lender reeling from a loan mis-selling scandal and the departure of its charismatic founder.
Shares in the San Francisco-based company, a pioneer in matching borrowers with investors over an online platform, collapsed two weeks ago after an internal company investigation found it had falsified documentation when selling a small package of loans to an investor.
That announcement — which led to the exit of Renaud Laplanche, who founded the company a decade ago and was its chief executive — was followed by disclosures of inquiries by the US Department of Justice and New York’s Department of Financial Services.
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