This was a stellar performer. With a name like that, I suppose
it’s only right and just for the stock to collapse in such an unceremonious fashion.
The auditor, Matt Erhart, said in the suit that he was fired after revealing what he believed to be wrongdoing at the bank to federal regulators and management at Bank of Internet. The complaint, filed in federal court in the Southern District of California, said that Bank of Internet violated federal laws that seek to protect whistle-blowers.
“As a former federal prosecutor and long time employment lawyer, I find the bank’s conduct as alleged here to be among the most egregious I have seen from a publicly traded company,” Carol Gillam, Mr. Erhart’s lawyer, said in a statement.
In an interview on Tuesday, Gregory Garrabrants, Bank of Internet’s chief executive, said the allegations were groundless. “The factual inaccuracies here are numerous and substantial,” he said. “Mr. Erhart has made all of these allegations in great detail to federal regulators, who have reviewed them in depth and have found them to be wholly without merit.”
All things internet, on a long enough timeline, die.
But look at the revenues and earnings ramp over the years. Truly spectacular, almost too good to be true, no?
Shares are being annihilated today. Nothing is sacred and everything is a facade. Buying opp? I have no fucking idea anymore.
Don’t look now. AG, The company you called shit after opening down big is now up on the day
Anyone in the stock should know they are playing a little fast and loose with lending as there have been numerous articles knocking it for that but as long as the housing market continues to improve, bofi earnings will continue to shoot up as they are highly levered to that. Stock had gotten way ahead of itself. Back to near fair value now. The comments from this fired employee are nothing new. The sec investigation rumor from August is the major ongoing concern with this.
What’s with the new purty look? I don’t like it.
Rustic fucked face
That conference call was good for $12 bucks. Total denial on all claims by CEO, disgruntled employee colluding with short sellers which we will respond to in the next day or two. Came out and said next Q #’s are out of the park and discussing with counsel if he can buy more shares during blackout. Tomorrow should be interesting!