BofI Holding, Inc. (NYSE: $BOFI) & Axos Bank (NYSE: $AX) Investigation On Behalf of Shareholders

A Class Action complaint on behalf of BofI Holding, Inc. shareholders (NYSE: $BOFI) has survived a motion to dismiss.  The Bank provided consumer and business banking products in the United States. BofI Federal Bank became Axos Bank (NYSE: $AX) on October 1, 2018.

Former $BOFI shareholders (now $AX shareholders) who have held $BOFI / $AX shares since at least April 28, 2016, have standing to seek corporate reforms, the return of funds back to company coffers and potentially a court approved incentive award if appropriate.

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More About Our Investigation

The Complaint alleges that throughout the Class Period (April 28, 2016 to March 30, 2017), 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, including money laundering; (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, it was disclosed that BofI was the subject of a money laundering 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.   

On March 2, 2021 the Court issued an Order denying in part Defendants' Motion to Dismiss.