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Shareholder Class Action Filed Against BofI Holding, Inc.

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Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of BofI Holding, Inc. (NASDAQ:BOFI) (“BOFI”)  between September 4, 2013 and October 13, 2015, inclusive (the “Class Period”).

BofI Holding, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.   

According to the complaint, BofI operates as  the holding  company for BofI  Federal Bank,  a provider  of consumer and  business banking  products through  the Internet  in the  United States.  BofI Federal Bank’s most significant business is making mortgages  to high-net worth individuals  for the  purchase of  expensive properties  though BofI Federal Bank’s Bank of Internet USA (“Bank of Internet”) brand.

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, during  the Class  Period, defendants made false and/or misleading  statements and/or failed to  disclose that: (i) the  Company’s internal controls  were frequently disregarded;  (ii) Bank of Internet’s borrowers included  foreign nationals who should have  been off-limits under  federal  anti-money-laundering  laws;  (iii)  many  Bank  of Internet accounts lacked  required tax  identification numbers;  (iv) Bank  of Internet fired  an  internal  auditor  who  raised  the  foregoing  issues  to management and to federal regulators; and (v)   as a result of the above,  the Company’s statements  regarding  its  internal controls  and  other  financial statements were materially false and misleading at all relevant times.

On October 13, 2015, post-market, The New York Times reported that Matt Erhart (“Erhart”), a former internal auditor at Bank of Internet, had filed a lawsuit against  the  Company   for  violating  federal   laws  designed  to   protect whistle-blowers (the “Erhart Complaint”).

On this news,  shares of BofI  fell $42.87, or  30.2%, to close  at $99.13  on October 14, 2015.

If you are a member of the class described above, you may no later than December 14, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.


Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087

1-888-299-7706 (toll free) or 1-610-667-7706

Please list your purchase and sale transaction(s) in the BofI Holding, Inc. (NASDAQ:BOFI) security that is subject of this action during the Class Period (between September 4, 2013 and October 13, 2015):

* Denotes required field
# of Shares
Price per Share
Principal Amount
Amount Paid
Series or CUSIP
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of BofI Holding, Inc. prior to the Class Period?
Are you a current or former employee of BofI Holding, Inc.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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