NEW YORK (Reuters) - Lending Club Corp <LC.N> delayed its annual meeting on Tuesday, saying it was not ready to provide stockholders with a complete report on the state of the company after founder Renaud Laplanche resigned last month as chief executive officer.
The news sent the company's shares down 7.4 percent to close at $4.39.
Laplanche stepped down after an internal company probe found it had falsified documentation when selling $22 million of loans to an investor.
The online lender rescheduled its annual meeting from Tuesday to June 28. The company previously canceled a planned appearance by acting CEO Scott Sanborn at a technology conference earlier this week.
In a separate filing with the U.S. Securities and Exchange Commission, Scottish investment firm Baillie Gifford said it had sold out of its position as one of Lending Club's top shareholders. Previously, it had around 9 percent of the company's shares.
Lending Club also said it was cutting back loans to riskier borrowers and raising interest rates to boost the attractiveness of its loans to investors.
The company said in a filing with the SEC it expects its standard loan volume to decrease by around 5 percent due to the tightened credit criteria for borrowers.
Under the new criteria, borrowers would need to have a debt-to-income (DTI) ratio, excluding mortgage and the requested loan amount, below 35 percent. The lender had previously allowed borrowers to have DTI ratios of up to 40 percent.
It also said it was increasing rates across all grades, but the biggest increases would hit its riskier loans given D, E and F loan grades.
Online marketplace lenders, which sell their loans on to investors, may be facing their strongest headwinds yet as scrutiny by regulators and investors increases.
In addition to the issues at Lending Club, several platforms have reported slowing investment in their loans. Prosper Marketplace, the second-largest marketplace lender behind Lending Club, cut more than a quarter of its staff earlier this year.
(Reporting by Michael Erman; Editing by Matthew Lewis and David Gregorio)