ATTENTION ALL SETTLEMENT CLASS MEMBERS: Please be advised that on April 15, 2022, Lead Plaintiff filed a Motion for Preliminary Approval of a class settlement with Defendants. The Court has not yet ruled on the preliminary approval motion. This website will be updated with further information about the settlement process as it develops.
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency of Class Action. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action
The purpose of the Notice is to inform you of a class action lawsuit now pending in the United States District Court for the Southern District of California (the “Court”) against BofI Holding, Inc. (“BofI”, now known as Axos Financial Inc.) and Gregory Garrabrants, Andrew J. Micheletti, Paul J. Grinberg, Nicholas A. Mosich, and James S. Argalas (collectively, “Defendants”). The Notice is intended only to advise you that the action has been certified by the Court to proceed as a class action on behalf of certain purchasers and/or sellers of BofI securities and your rights with respect to the lawsuit. If you do not wish to be a part of the class, you must respond to the notice with a written request for exclusion by March 21, 2022.
On March 21, 2018, the Court granted the Defendants’ motion to dismiss this case. Lead Plaintiff appealed to the U.S. Court of Appeals for the Ninth Circuit, which, on October 8, 2020, reversed the dismissal order in part. On August 24, 2021, the Court entered an order certifying the class as set forth in the Notice and appointing Lead Plaintiff Houston Municipal Employees Pension System as Class Representative and Lieff Cabraser Heimann & Bernstein, LLP as Class Counsel.
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.
If you choose to remain a member of the Class, you do not have to do anything at this time (other than retain your records of your purchases and sales of BofI securities and any other documents relating to BofI).
|What are my options?
||Stay in this lawsuit. Await the outcome.
By doing nothing, you keep the possibility of sharing in any recovery (monetary or otherwise) that may result from a resolution in favor of the Class, such as a trial or a settlement. In exchange, you give up any right you may have to sue Defendants separately about the same factual circumstances and legal claims being raised in this lawsuit, and you will be bound by the outcome of this case if tried before a jury or decided by the Court. If the parties agree to a settlement, then you will have another opportunity to opt out or exclude yourself from the case at that time.
|Ask to be excluded by March 21, 2022
||Get out of this lawsuit. Get no benefits from it.
If you ask to be excluded from this lawsuit, you will not be bound by what happens in this case and will keep any right you might have to sue Defendants separately about the same factual circumstances and legal claims being raised in this lawsuit. If a recovery is later awarded in this case, you would not share in that recovery.
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.