WILMINGTON, Del., Nov. 09, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC , a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, Southern District of California, Case No. 3:15-cv-02324, on behalf of investors of BofI Holding, Inc. (NASDAQ: BOFI ) (“BofI Holding” or the “Company”) that held shares between September 4, 2013 and October 13, 2015 (the “Class Period”). If you purchased BofI Holding securities during the Class Period, you may, no later than December 14, 2015, request that the Court appoint you lead plaintiff of the proposed class.
A copy of the complaint is available from Andrews & Springer LLC or the Court. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – https://www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On October 13, 2015, a former internal auditor of BofI filed a federal lawsuit (a copy of the complaint can be found here ), alleging that he was fired after revealing wrongdoing at the bank to management and federal regulators. Specifically, BofI stands accused of intentionally failing to provide timely information to regulators and otherwise purposefully disregarding its internal controls.
As stated in a recent New York Times article , the auditor's counsel, a former federal prosecutor, has described the Company's actions as “among the most egregious [she has] seen from a publicly traded company.” As the Times article reported “[a]ccording to the complaint, Bank of Internet was also not forthcoming with the Securities and Exchange Commission when the agency sought information about an account at the bank.”
As a result of this news, BofI Holding’s stock price fell nearly 29% on October 14, 2015 on high volume, causing shareholders to incur millions in losses and wiping out roughly $606 million of BofI Holding’s market cap.
On October 15, 2015, a BofI Holding shareholder filed a securities fraud class action lawsuit against the Company. According to the complaint, BofI Holding made false and/or misleading statements and/or failed to disclose that: (1) BofI's internal controls were frequently disregarded; (2) BofI's borrowers included foreign nationals who should have been off-limits under federal anti-money-laundering laws; (3) many BofI accounts lacked required tax identification numbers; (4) BofI fired an internal auditor who raised these issues to management and to federal regulators; and (5) as a result of the above, BofI's statements regarding its internal controls and other financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you wish to serve as lead plaintiff, you must move the Court no later than December 14, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com , or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc , Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com . This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. cspringer@andrewsspringer.com Toll Free: 1-800-423-6013
