BOSTON, Oct. 14, 2015 /PRNewswire/ -- Shares in BofI Holding, Inc. ("BofI" or the "Company") (NASDAQ: BOFI) have plunged as much as $41, nearly 29%, in early trading after a former internal auditor at the Company filed a lawsuit on October 13, 2015, alleging that he was fired for exposing corporate and regulatory wrongdoing. The loss in market capitalization as a result of the recent news represents approximately $606 million in aggregate lost investor value.
The lawsuit alleges, among other things, that BofI, based in San Diego with approximately $6 billion in assets, side-stepped internal and regulatory controls by failing to provide full and timely information to regulators. As quoted in the New York Times, the auditor's counsel has characterized the Company's actions as "among the most egregious [she has] seen from a publicly traded company." As the Times article reported "[a]ccording to the complaint, Bank of Internet was also not forthcoming with the Securities and Exchange Commission when the agency sought information about an account at the bank."
Block & Leviton LLP, a Boston-based securities litigation firm, is investigating BofI and certain of its officers and directors for possible violations of the federal securities laws.
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