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BofI Holding, Inc. (BOFI)

NasdaqGS - NasdaqGS Delayed Price. Currency in USD
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27.07+0.39 (+1.46%)
At close: 4:00PM EDT
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  • L
    LongDistance
    LongDistance
    The recent (last two weeks) dip might be related to the Erhart case. Shorting happening before the decisions and then recovery right after they became public on Sept 11th. Don't get excited - its still early days. The decision was deciding whether to throw it entirely out of court again (as happened this time last year). And it was not totally thrown out again. I suggested this outcome last year. The judge specifically dropped lots of hints in last years ruling about how Erhart should plead his case - so as not to get it thrown out.

    So Erhart has finally passed the lowest hurdle (after two years) of having a case even possibly worth trying in court.
    Some aspects of his case (mostly those related to CA law) were dropped as not worth the courts time.
    But the primary complaint remains.

    Here is the summary:
    "Specifically, the Court denies BofI's request to dismiss Erhart's claims for whistleblower retaliation under Sarbanes-Oxley, whistleblower retaliation under Dodd-Frank, and defamation. The Court, however, grants BofI's motion to dismiss Erhart's claims for violation of California's Confidentiality of Medical Information Act, breach of the implied covenant of good faith and fair dealing, and intentional infliction of emotional distress."

    Now we go to the next stage. Depositions, etc. This will take more than a year. When completed the final conclusion will be that Erhart was overzealous and wildly unfounded in his accusations of misconduct (none will be proven), but that BOFI was equally overzealous in shutting him down. Dodd-Frank does not require and wrongdoing on the company's part for the company to be guilty (stupid but true), so they will probably get nicked by the Judge for that. Erhart will get nicked for being a short mole (though that will not be proven either).

    The worst case outcome for BOFI will not materially affect the business. The shorts know this as well. Their hope for the court case is that it will allow the opportunity for a fishing expedition that will actually find something material. I think that search is fruitless (but that is why I am long, obviously they still believe otherwise). The longer the case goes, the less likely it is they will find some nefarious illegal scheme and the more they will bugger off. Remember, the outcome of the currently stated Erhart case is not really of interest to them. They wanted the shareholder derivative suits (which they got already) and the fishing expedition.

    When the lower court ruling is announced on Erhart in roughly 2 years time BOFI will have a earnings of at least $3.40 per share and a price of roughly $51 per share (PE = 15). Assuming the shorts do not give up before then - in which case the PE will be roughly 20.

    BOFI will appeal if it is anything but a hand slap.
  • J
    Josephine
    Josephine
    Seems like the more that positive articles come out on this, the more the #$%$ pound it. Amazing!!!
  • P
    Patricia
    Patricia

    http://dataunion.tistory.com/19169 Si vis longius ire.

    BofI Holding, Inc. $BOFIL Correlation Histogram
    X axis : Stocks Price Correlation Coefficient Y axis : Quantity of stocks 1,000 Day Parameter 2,926 NASDAQ Stocks Price Correlation Histogram Type Description 1. Zero Correlation Histogram - The stock pair is concentrated in the correlation coefficie
    dataunion.tistory.com
  • V
    Vincent
    Vincent
    Will BOFI officers be indicted Monday? Are you guys getting this over the AP?
  • R
    Riley
    Riley
    Short interest decreased to a level last seen in April. Roughly 23m shares held short as of the latest.
  • T
    Toothyjew
    Toothyjew
    Bofi never give me any money
    They only give me stock funny paper
    And in the middle of fraud negotiations
    they break down

    They never give you their number
    They only give you their situation
    And in the middle of investigation
    they break down

    Out of college, investment money spent
    See no future, pay no rent
    All Bofi’s money's gone, nowhere to go
    Any jobber got the sack
    Monday morning, turning back
    Yellow lorry slow, nowhere to go
    But oh, that magic feeling, nowhere to go
  • T
    Toothyjew
    Toothyjew
    This stock hasn't moved. A complete and utter disaster.
  • M
    Matt
    Matt
    Feds talking about raising rates this December. This could bold well for BOFi.
  • M
    Moneyman
    Moneyman
    Is it just me or do the financials of this look outstanding? The growth rate + fair value= huge winner
  • d
    daniel
    daniel
    Wonder why the drop recently
  • S
    Stkpicker
    Stkpicker
    There has been no insider sales of stock, except option exercise, for 2 or more years. If this is such scam, then why arn't the insiders selling their shares? The shorts have piled on without cause and are now trapped with 25 million shares short. They can never cover so they have to keep pounding on the stock with bogus stories. Eventually they will have to cover and it will be at $50 or sooner if BOFI sells the bank. The bank will be for sale soon at 3.4x BV or $44/shr.
  • a
    asdf
    asdf

    Top notch write-up on VIC.
    https://www.valueinvestorsclub.com/idea/BOFI_HOLDING_INC/140631#description

    Value Investors Club / Where top investors share their best ideas
    www.valueinvestorsclub.com
  • J
    James
    James
    Anyone has any insights for today's drop? Is this all from the Kim Jung Un effect?
  • T
    Toothyjew
    Toothyjew
    dramatic mass exodus from Bofi stock could turn into one of the largest evacuations in US history?
  • P
    Peter
    Peter
    Anyone know if BOFI has any exposure to the auto lending industry in Texas and would have been impacted by the devastation of Hurricane Harvey?
  • L
    LongDistance
    LongDistance

    A very unbiased summary with lots of the key facts is here.
    https://marketintelligence.spglobal.com/our-thinking/news/the-short-case-against-bofi-holding

    My take away is that similar performing banks have a P/B = 2.8 and a PE = 18.

    The short case against BofI Holding | S&P Global
    One of the banking industry's best-performing stocks is also one of the most shorted. For five years straight, BofI Holding Inc. has been the best-performing...
    marketintelligence.spglobal.com
  • j
    jmiller
    jmiller

    Short interest (http://www.nasdaq.com/symbol/bofi/short-interest) in BOFI dropped from 25.45 M shares on July 31st to 23.75 M shares on August 15. A 6.7% drop in 2 weeks.

    BofI Holding, Inc. (BOFI) Short Interest
    BofI Holding, Inc. (BOFI) Short Interest � Find short interest for BofI Holding, Inc. and all the companies you research at NASDAQ.com
    www.nasdaq.com
  • T
    Toothyjew
    Toothyjew
    BOFI the biggest disaster since Harvey.
  • R
    Riley
    Riley
    10-K will be filed by Friday based on the previous 3 release dates.
  • V
    Vincent
    Vincent
    Is BOFI a criminal enterprise? I keep hearing about BOFI and possible corruption.