What: Shares of BofI Holding popped 10% on Tuesday as this battleground stock digests new information -- good and bad -- on a near-daily basis.
So what: BofI Holding's share price likely got a lift from a big insider purchase of the company's stock.
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The company's CEO, Greg Garrabrants, purchased 6,670 shares of stock on the open market at a weighted-average price of $91.40 per share.
All in all, his purchase tallied to just under $610,000, increasing his stake to over 227,000 shares. It's a relatively big investment, equating to nearly 10% of Garrabrants' total compensation in 2015.
Now what: BofI Holding remains in the middle of a "he said, she said" exchange of words and lawsuits with a former internal auditor who has made allegations of unethical and downright fraudulent behavior by the bank and its employees. A big insider buy seems to have put the market at ease -- at least for now.
The article Why Shares of BofI Holding Popped 10% on Tuesday originally appeared on Fool.com.
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