Pomerantz Appointed Lead Counsel in Bofi Holding, Inc. Securities Litigation

On November 13, 2017, Pomerantz LLP was appointed Lead Counsel in a class action lawsuit against BofI Holding, Inc. (“BofI” or the “Company”) and certain of its officers.  The class action, filed in United States District Court, Southern District of California, and docketed under 17-cv-00667 is on behalf of a class consisting of investors who purchased or otherwise acquired BofI securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

BofI Holding, Inc. operates as the holding company for Bank of Internet USA.  The Bank provides consumer and business banking products in the United States.

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, Defendants made false and/or misleading statements and/or failed to disclose that: (i) BofI was engaged in unlawful conduct; (ii) the foregoing conduct, when it became known, would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result, BofI’s public statements were materially false and misleading at all relevant times.

On March 31, 2017, pre-market, the New York Post published an article entitled “Feds probe Bank of Internet for possible money laundering,” disclosing that the Company was the subject of a probe led by the Justice Department and involving the Securities and Exchange Commission and the Treasury Department.

On this news, BofI’s share price fell $1.45 or 5.26%, to close at $26.13 on March 31, 2017.