BOFI reported another good quarter yesterday, here’s the release and the transcript.
http://www.snl.com/IRW/file/4055785/Index?KeyFile=389636588
https://seekingalpha.com/article/4091717-bofi-holdings-bofi-…
Stock is up 12% this morning on pretty high volume. Short interest here is still VERY high, 25.5M shares as of the middle of July, over 40% short. Maybe the start of a short squeeze?
Here’s Garrabrant’s comment on the legal actions:
The bank remains in strong regulatory standing with no enforcement actions, has not been fined a single dollar by any regulatory agency and is not been required to modify its products or business practices. We received regulatory approvals enter new product areas such as often Refund Advance loans to H&R Block that we announced today.
Additionally, we do not foresee any future impact or underlying business as a result of the frivolous lawsuits and short seller hit pieces. In fact contrary to short seller allegations and despite regulatory complaints the short-sellers filed, we have received confirmation from the SEC that no investigation is ongoing and no enforcement actions is contemplated against BofI.
We are confident that the SEC would be able to parse the noise and our confidence is not misplaced.
Maybe someday soon this can all be put behind them and the stock can reach it’s intrinsic value with the short interest getting back to a “reasonable” level.