/EINPresswire.com/ -- RADNOR, PA--(Marketwired - November 05, 2015) - The law firm of Kessler Topaz Meltzer & Check, LLP reminds BofI Holding, Inc. (NASDAQ: BOFI) ("BofI" or the "Company") shareholders that a class action lawsuit has been filed in United States District Court for the Southern District of California on behalf of purchasers of the Company's securities between September 4, 2013 and October 13, 2015, inclusive (the "Class Period").

BofI shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/bofi-holding-inc.

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 shareholder class action 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.

Shareholder Reminder: BofI shareholders who purchased their securities during the Class Period may, no later than December 14, 2015, petition the Court to be appointed as a lead plaintiff of the class.

A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com

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