[Chambo]

Isaac any update on that or is it just lawyers trying to find issues when there is nothing there ?

"The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) the true rate of default for the Company’s loan portfolio was steadily increasing; (2) the true value of the Company’s loan portfolio was in material decline; and (3) as a result of the foregoing, On Deck’s public statements were materially false and misleading at all relevant times."

[MCNetwork]

I hardly think there aren't issues. Many investors took a bath in that stock!

[isaacdstern]

No shocker here guys, the stock loses 70 percent of its high and lawyers start attacking. Some of the things they are highlighting are serious issues like the default rate and value of the portfolio

[Chambo]

No shocker here guys, the stock loses 70 percent of its high and lawyers start attacking. Some of the things they are highlighting are serious issues like the default rate and value of the portfolio

Still think MCC and CAN are going to run out and go public?

[Sean Cash]

Still think MCC and CAN are going to run out and go public?

The thing is with CAN is that they don't need to go public. They've been in biz for close to 17 years. They don't need the money. I'm sure they could find some good things to do with it but they're a mature company, not a tech startup rushing to the next financing round hoping to keep their marketing humming and valuation increasing. If I was CAN, I would use money from an IPO for acquisitions, but also I would consider passing on an IPO altogether, if for no other reason than to prevent the headache of shareholders, stock analysts, and everybody else scrutinizing what the CEO ate for breakfast.

[Chambo]

The thing is with CAN is that they don't need to go public. They've been in biz for close to 17 years. They don't need the money. I'm sure they could find some good things to do with it but they're a mature company, not a tech startup rushing to the next financing round hoping to keep their marketing humming and valuation increasing. If I was CAN, I would use money from an IPO for acquisitions, but also I would consider passing on an IPO altogether, if for no other reason than to prevent the headache of shareholders, stock analysts, and everybody else scrutinizing what the CEO ate for breakfast.

You say "scrutinizing what a CEO had for breakfast", I say EXPOSING FRAUDSTERS & LIARS

[skideeppow]

Wow, that is a tough read. They sure reacted quick, stock has only been on market for 7 months and already a class actions. I guess when you lose that much value, there is an issue.

[mcaguru]

What now ? My stock guru claims when stuff like this happens in order to keep the bears from licking chops they bring in like an X ceo of Capital One to start feeding the bulls...Mr Stern any input? and keep in mind to disclose your short positions if you have any??!!

If i was a betting man its time to go LONG but Ive said that at 18 Bucks

[ADiamond]

did anyone ever stop to think that maybe the reason for the decline in price is that perhaps it was over valued to begin with?

[Chambo]

"On February 11, 2015, less than two months after the IPO, SeekingAlpha.com published an article entitled “On-Deck Capital: Bad Loans, Bad Interest Rates, Bad Business Plan.” The article described, in part, how the Company’s Registration Statement significantly understated the default rate for the Company’s loan portfolio."

We all said their reported default rate was malarky

[mcg168]

I dont submit deals thru ONDK, never have, but if I did have a portfolio with them I would seriously start thinking about sending my A Paper deals elsewhere.

[Chambo]

If ONDK is going through this sort of scrutiny, MCC would get taken out to the shed and executed

[mcg168]

If ONDK is going through this sort of scrutiny, MCC would get taken out to the shed and executed

Couldnt agree more...and its just as crazy that MCC is leading the charge to have regulation.

[Mmarano]

You're such a troll bro. Lol.

If ONDK is going through this sort of scrutiny, MCC would get taken out to the shed and executed

[Chambo]

"The significant drop in share price came after news reports of rising default rates in On Deck's loan portfolios and declining value of its business model. The Company is now reportedly losing tens of millions of dollars through defaults on its loans, likely due to the company's reliance on stated income and data from third-party sources, which may contain inaccuracies."

[MCNetwork]

"The Company is now reportedly losing tens of millions of dollars through defaults on its loans, likely due to the company's reliance on stated income and data from third-party sources, which may contain inaccuracies."

That and the fact that they can approve a merchant for funding based on one or two bank statements with no regard to seasonality and other common sense factors.

[Michael I]

That and the fact that they can approve a merchant for funding based on one or two bank statements with no regard to seasonality and other common sense factors.

I had a merchant that got money from iOu , Everest/Yellowstone and wall taking out about 26 percent of growth . Rough but not terrible. 2 weeks later on deck funds him pulling 30 percent of growth ( if you look at a full year ) now merchant is paying 56 percent there is no way this guy won't default.
They don't ask for the recent statements and I guess those 3 companies don't file ucc .crazy

[anydealfunded]

All due respect...do you mean gross or "growth"

[MCNetwork]

All due respect...do you mean gross or "growth"

He probably has a lisp...

[Michael I]

He probably has a lisp...

Haha I deserved that , yes gross

[anydealfunded]

Good sport haha

[mcg168]

is this another lawsuit against ONDK or is it related to the lawsuit that was discussed yesterday? It looks like its a different lawfirm

http://www.nasdaq.com/press-release/...20150805-01060

[Sean Cash]

same lawsuit. I think there's some rule that says until the class action is certified, it's fair game for other attorneys to swoop in and represent the class

[J.Celifarco]

$8.96

gotta be getting close to a buy

[MatthewAStucchio]

$8.96

gotta be getting close to a buy

I hope you mean buying puts .. to buy and hold this with what is going on I would not recommend