Gainey McKenna & Egleston Announces That an Action Has Been Filed Against the Officers and Directors of BofI Holding, Inc. (BOFI)

NEW YORK, Jan. 22, 2016 -- Gainey McKenna & Egleston announces that an action has been filed in the United States District Court for the Southern District of California against the directors and/or officers of BofI Holding, Inc. (“BofI” or the “Company”) (NASDAQ:BOFI).  The action alleges that the officers and directors of BofI breached their fiduciary duties of loyalty, good faith and candor that resulted in substantial harm to the Company.

The Complaint further alleges that Defendants each breached their duties of loyalty and good faith by causing the Company to make false and/or misleading statements and/or failing to disclose that: (a) the Company was doing business with foreign nationals who should have been off-limits under federal anti-money-laundering laws; (b) the Company had as many as 200 customer accounts without tax identification numbers, contrary to BofI’s representations to the Office of the Comptroller of the Currency (“OCC”), its primary regulator; (c) as a result, the Company’s revenue and financial results were overstated; (d) the Company’s financial statements were not prepared in accordance with the Generally Accepted Accounting Principles (“GAAP”); (e) the Company lacked adequate internal and financial controls; and (f) as a result of the foregoing, the Company’s financial statements were materially false or misleading at all relevant times.

If you are an investor in BofI securities and wish to discuss your rights, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].