WAYNE, Pa., Oct. 23, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP 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 common stock of BofI Holding, Inc. (NASDAQ: BOFI) ("BofI" or the "Company") between September 4, 2013 and October 13, 2015, inclusive (the "Class Period").
BofI shareholders may, no later than December 14, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of BofI and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/bofi.
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 providing 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 BOFI and certain of its executive officers made a series of false and misleading statements during the Class Period, and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants are alleged to have made false and 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.
As detailed more fully in the Complaint, on October 13, 2015, The New York Times reported that Matt Erhart ("Erhart"), a former internal auditor at Bank of Internet, filed a lawsuit against the Company alleging that it violated federal laws designed to protect whistleblowers (the "Erhart Complaint"). The Ernhart Complaint alleged, among other things, that (i) Bank of Internet's borrowers "included foreign nationals who should have been off-limits under the federal anti-money-laundering laws," (ii) Bank of Internet "at times failed to provide full and timely information to regulators," and (iii) Erhart "was fired after he revealed wrongdoing at Bank of Internet to management and regulators."
On this news, shares of BofI's common stock declined $42.87 per share, or 30.2%, to close on October 14, 2015 at $99.13 per share, on heavy trading volume.
If you are a member of the class, you may, no later than December 14, 2015, request that the Court appoint you as lead plaintiff of the class. 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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP