NEW YORK, Oct. 16, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities that purchased the securities of BofI Holding, Inc. (“BofI” or the “Company”) (Nasdaq:BOFI) between September 4, 2013 and October 13, 2015 inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
The Complaint alleges that 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, The New York Times reported that Matt 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. On this news, shares of BofI fell $42.87, or 30.2%, to close at $99.13 on October 14, 2015.
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 Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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