For a company facing a securities class action case, the Mandalevey decision provides a potential new defense—that information is publicly available via a FOIA (or other public records) request, and therefore not actionable. Perhaps more important is the public relations takeaway for a company under investigation by law enforcement. BofI's initial response in its call with the Post reporter was to say nothing. Only later did it make the statements that the Court determined could be found to be demonstrably false. And despite BofI stating it was unaware of an investigation, BofI's stock dropped significantly in the wake of the Post's article.