Bofl Investors Win Cert. In Suit Following 47% Stock Drop

By Katryna Perera (August 24, 2021, 2:16 PM EDT) -- A California federal judge granted class certification Tuesday to a group of investors who sued Bofl Federal Bank in 2015 for allegedly making false or misleading statements about its underwriting standards, system of internal controls and compliance, leading to a stock drop of 47% when the alleged misrepresentations were revealed.

The Houston Municipal Employees Pension System is the lead plaintiff. It will be represented by attorneys from Lieff Cabraser Heimann & Bernstein LLP, which the court appointed as class counsel, according to the order.

The class certification comes after the suit was dismissed with prejudice in March 2018 but then reversed...

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