NEW YORK (TheStreet) -- Shares of LendingClub (LC - Get Report) dropped 0.45% to $4.42 in Tuesday's trading session, after former CEO Renaud Laplanche said he intended to sell part of his stake in the San Francisco-based online lender.
Laplanche, who was forced to resign last month, said in a regulatory filing that he intended to sell 1.2 million shares through Morgan Stanley (MS - Get Report) earlier this month, according to a regulatory filing Tuesday. The stock was valued around $5.3 million as of Monday's market close, Bloomberg reported.
The shares represent roughly 14% of Laplanche's holdings as of May 6, according to an earlier filing.
LendingClub's stock plunged about 40% after Laplache was unexpectedly forced out of the company last month. The board had discovered issues with $22 million in loans sold to Jefferies as well as Laplanche's failure to disclose a personal investment in one of LendingClub's clients.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D-. You can view the full analysis from the report here: LC
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.