What: Shares of BofI Holding (AX -0.36%) are trading down by 10% as of 2:45 p.m. ET.

So what: Another day, another step down. In the absence of any new company-specific information, and a mere half-percentage point drop for financial indexes, it looks as though today's decline is just a continuation of yesterday's selling.

A class action lawsuit filed against the online bank and several of its executives recirculated yesterday, likely spooking investors into selling their shares. BofI Holding hasn't issued a statement or made any comments about the two-day stock drop.

Now what: BofI Holding now trades at about 1.8 tangible book value and roughly 11 times trailing-12-month earnings. Prior to the short-lived dip in Feb. 2016, BofI Holding hasn't traded so inexpensively since the first quarter of 2013, when shares traded for a split-adjusted price of less than $9 per share.

What ultimately comes of the allegations by former employees will be settled by regulatory authorities, not the markets. For today, though, it appears the market is buying into what its former employees have had to say in New York Times articles and interviews for the class action documents.