NEW YORK, Oct. 30, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against BofI Holding, Inc. (“BofI” or the “Company”) (NASDAQ:BOFI) and certain of its officers. The class action, filed in United States District Court, Southern District of California, is on behalf of a class consisting of all persons or entities who purchased BofI securities between September 4, 2013 and October 13, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased BofI securities during the Class Period, you have until December 14, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com