On Wednesday, Shares of LendingClub Corp (NYSE:LC), lost -4.29% to $12.73.
Lending Club, declared that Springstone Financial, LLC, a partner of Lending Club, agreed to settle with the Consumer Financial Protection Bureau (CFPB) related to the staff’s concerns on possible borrower confusion about the terms of a deferred interest product, which was terminated by Lending Club shortly after its acquisition of Springstone in April 2014.
To resolve this matter, Springstone agreed to pay restitution of $700,000 to certain borrowers in its finance program from 2009 to 2014. The settlement amount is fully covered by the indemnification provisions of the Springstone purchase agreement and therefor will not result in any adverse financial charge to Lending Club.
Lending Club formerly revealed in its filings with the U.S. Securities and Exchange Commission that it was engaged in discussions with the CFPB in connection with Springstone’s previous financing products. The settlement does not involve any penalties, fine, or admission of wrongdoing on the part of Springstone or Lending Club or their employees, directors, officers or agents.
LendingClub Corporation operates as an online marketplace for connecting borrowers and investors in the United States. Its marketplace facilitates various types of loan products for consumers and small businesses, counting unsecured personal loans, super prime consumer loans, unsecured education and patient finance loans, and unsecured small business loans.
Shares of Juniper Networks, Inc. (NYSE:JNPR), declined -0.25% to $28.05, during its last trading session.
Juniper Networks, declared that four-car NASCAR team Joe Gibbs Racing (JGR) selected its next-generation switching and security solutions to rev up the team’s aging network infrastructure for better performance on and off the track.
Racing teams are increasingly leveraging technology to accelerate vehicle R&D, boost back-office performance, and communicate reliably among drivers, pit crew and staff. Given that JGR manages nearly everything race-related in-house, counting virtual wind tunnel testing, automated machining and 3D part printing, in addition to sponsor logo printing, it requires a highly accessible network to support the multiple facets of its operations. The JGR team turned to Juniper Networks through its Elite partner Structured Communications, Inc., to build a highly resilient, reliable and secure network that provides connectivity at the racetrack in addition to at corporate headquarters for support.
JGR’s crew works in three shifts, around the clock to prepare and support the team during major races like the NASCAR XFINITY Series Food City 300 at the Bristol Motor Speedway. As such, downtime is unacceptable in a sport where precision, resiliency, and split-second reliable communications are essential. From analyzing car-performance data to providing feedback to the crew chiefs and ensuring reliable connection to the driver, JGR’s new network will blend on-track with off-track performance.
Juniper Networks, Inc. designs, develops, and sells high-performance network products and services worldwide. It provides various routing products, counting ACX series universal access routers to deploy new high-bandwidth services; MX series Ethernet routers that functions as a universal edge platform; M series edge routers; PTX series packet transport routers; and T series routers.
Finally, Synopsys, Inc. (NASDAQ:SNPS), ended its last trade with 0.62% gain, and closed at $52.30.
Synopsys stated results for its third quarter of fiscal year 2015.
For the third quarter of fiscal year 2015, Synopsys stated revenue of $555.8 million, contrast to $521.8 million for the third quarter of fiscal 2014, enhance of 6.5 percent.
“Synopsys delivered strong third quarter results, and anticipates to exit the year with about 10% non-GAAP earnings per share growth,” said Aart de Geus, chairman and co-CEO of Synopsys. “Our new products are driving excellent customer design success and adoption momentum. In addition, we closed several acquisitions, further strengthening our IP portfolio and expanding our presence in the higher-growth software quality and security market.”
Synopsys, Inc. provides electronic design automation (EDA) software products used to design and test integrated circuits and electronic systems in the United States, Europe, Japan, and the rest of Asia Pacific.
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