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