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On June 4, 2024, Hindenburg Research released a report about Axos that raised serious concerns about Axos' credit metrics and suggested potential manipulation or distortion. The report particularly highlighted that Axos' disclosed loan-to-value (LTV) ratios in commercial real estate were significantly lower than those of its peers- 17% less than the median average of nine similar financial entities. Furthermore, accusations from a former Axos credit review officer, which were documented in litigation records, claimed that Axos habitually misrepresented the average LTV ratios of its loans to investors. Following this report Axos' share price was trading down in pre-market trading on June 4, 2024.
In order to be eligible to join the AX class action lawsuit, you must have incurred a loss on shares of Axos purchased during the class period listed above.
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