Update on the Distribution of Net Settlement Fund
The Court has approved the distribution of the Net Settlement Fund to eligible Court-approved Claimants who qualified for an award under the Plan of Allocation. A distribution of funds has occurred on the following date:
October 18, 2023
Subsequent distributions will occur on a rolling basis.
Update on Final Approval of Settlement
The Court has granted final approval of the class action settlement and Plan of Allocation as of October 14, 2022. On August 16, 2023, the Court issued an Order Authorizing Distribution of the Net Settlement Fund and Clarifying the Plan of Allocation, which further clarifies the Plan of Allocation.
If you submitted a Claim in this case and have any questions related to that Claim, please contact the Claims Administrator whose contact information is listed here below:
1-888-921-1538, Info@BofiSecuritiesLitigation.com
Please Note: The Claim Form is no longer available.
The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Proposed Class Action Settlement; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys’ Fees, Reimbursement of Litigation Expenses, and Lead Plaintiff’s Service Award (“the Notice”). Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action
Court-appointed Lead Plaintiff and Class Representative Houston Municipal Employees Pension System (“Lead Plaintiff”), on behalf of itself and the class of BofI Securities holders the Court certified on August 24, 2021 have reached a proposed settlement of the Action for $14,100,000 in cash that, if approved, will resolve all claims in the Action (the “Settlement”).
The Notice relates to a proposed Settlement of claims in a pending securities class action brought by investors alleging, among other things, that defendants BofI, Gregory Garrabrants, Andrew J. Micheletti, Paul J. Grinberg, Nicholas A. Mosich, and James S. Argalas (collectively, “Defendants”) violated the federal securities laws by making false and misleading statements regarding the Bank. Defendants deny the allegations of wrongdoing asserted in this Action, and deny any liability whatsoever to any member of the Class. The proposed Settlement, if approved by the Court, will settle claims of the Class, as defined in the Notice.
The Class consists of:
All persons and entities that, between September 4, 2013 through and including October 13, 2015, purchased or otherwise acquired shares of the publicly traded common stock of BofI, as well as purchasers of BofI call options and sellers of BofI put options, and were damaged thereby.
If you are a member of the Class, your legal rights will be affected whether you act or do not act. Please read the Notice to fully understand your rights and options.
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YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:
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SUBMIT A CLAIM FORM POSTMARKED NO LATER THAN NOVEMBER 7, 2022.
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This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Class Member and you remain in the Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Claims that you have against Released Defendant Parties, so it is in your interest to submit a Claim Form.
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EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 8, 2022.
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If you exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that allows you ever to be part of any other lawsuit against any of the Defendants or the Released Defendant Parties concerning the Released Claims.
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OPT BACK INTO THE CLASS BY SUBMITTING A WRITTEN REQUEST TO OPT BACK IN SO THAT IT IS RECEIVED NO LATER THAN AUGUST 8, 2022.
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If you previously requested exclusion from the Class when the Class Notice was sent, you may elect to opt back into the Class and receive a payment from the Settlement Fund. If you elect to opt back into the Class, you will be bound by the Settlement as approved by the Court and you will give up any Released Claims that you have against Released Defendant Parties.
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN AUGUST 8, 2022.
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If you do not like the proposed Settlement, the proposed Plan of Allocation, the request for attorneys’ fees and reimbursement of expenses, or Lead Plaintiff’s request for a service award, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation or the fee and expense request unless you are a Class Member and do not exclude yourself from the Class.
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GO TO A HEARING ON OCTOBER 7, 2022, AT 1:30 p.m., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN SEPTEMBER 16, 2022.
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Filing a written objection by August 8, 2022, and a notice of intention to appear by September 16, 2022, allows you to speak in Court, at the discretion of the Court, about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and reimbursement of litigation expenses and Lead Plaintiff’s request for a service award. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
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DO NOTHING.
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If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.
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How do I obtain more information?
Detailed information about the Action is contained in the Notice. Additional information can also be obtained by contacting the Notice Administrator by calling toll-free 1-888-921-1538; or emailing info@BofISecuritiesLitigation.com; or mailing a letter to:
In re BofI Holding, Inc. Securities Litigation
c/o JND Legal Administration
P.O. Box 91425
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.
© JND Legal Administration. All rights reserved.
