As reported by Law360, U.S. District Judge Gonzalo P. Curiel has granted certification to a class of investors represented by Lieff Cabraser who sued BofI federal bank in 2015 for alleged securities fraud which led to the company’s stock plummeting 47%. Investors in BofI, now known as Axos Bank, asserted that confidential witnesses would testify that the company “consistently overrode the concerns of internal auditors, altered reports, and falsely responded to regulatory subpoenas.”
Prior to class certification, the suit was dismissed in March of 2018, but that decision was reversed by the Ninth Circuit after uncovering a similar whistleblower lawsuit that could effectively be considered a corrective disclosure.
In Tuesday’s order, Judge Curiel set the end date of the relevant class period as October 13, 2015.
Read the full article at Law360 here.
BofI Holding, Inc. Securities Class Litigation
Lieff Cabraser serves as lead counsel for court-appointed lead plaintiff, Houston Municipal Employees Pension System (“HMEPS”), in this securities fraud class action against BofI Holding, Inc. and certain of its senior officers. The action charges defendants with issuing materially false and misleading statements and failing to disclose material adverse facts about BofI’s business, operations, and performance.
Learn more about the BofI Holding, Inc. Securities Class Litigation.