Axos Financial (AX) Stock Lawsuit Investigation
At a glance
What is the Axos Financial, Inc. (“Axos”) (NYSE: AX) securities class action lawsuit Investigation about? Gibbs Law Group
Gibbs Law Group is investigating potential legal claims on behalf of Axos investors.What did Axos do wrong?
We are investigating whether Axos Financial, Inc. has violated federal securities laws by providing false or misleading statements to investors.What do you get out of this?
This potential lawsuit seeks to help Axos shareholders recover their losses.
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Why is Axos stock dropping?
On June 4, 2024, Hindenburg Research published a report alleging that industry analysis, interviews with former Axos employees, and an examination of Axos’ loan book indicate that the company has “lax underwriting standards,” “a loan book filled with multiple glaring problems,” and credit metrics that “show signs of manipulation or distortion.” According to the Hindenburg Report, “53% Of Axos’ total loan book is also exposed to the “riskiest asset classes”—the sharply deteriorating US commercial real estate market.
In addition to Hindenburg’s claims regarding Axos’ “highly misleading” metrics, the report highlights allegations by a former credit review officer, which were documented in litigation records. According to the former credit review officer, “the Bank routinely misrepresented the average loan to value ratio’s of its loans to investors.” Hindenburg claims that “similar schemes” were identified by other former Axos employees during its investigation.
Following this news, shares of Axos Financial dropped over 7% in intraday trading on Tuesday, June 4, 2024, causing significant harm to investors.
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Gibbs Law Group's Financial Fraud Experience
We represent individuals, whistleblowers, employees, and small businesses across the U.S. against the world's largest corporations. Our award-winning lawyers have achieved landmark recoveries and over a billion dollars for our clients in high-stakes class action and individual cases involving consumer protection, data breach, digital privacy, and federal and financial fraud lawsuits. Our attorneys have received numerous honors for their work, including “Top Plaintiff Lawyers in California,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” “Best Lawyers in America,” and “Top Cybersecurity/ Privacy Attorneys Under 40.