Robbins Arroyo LLP: Bankrate, Inc. (RATE) Accused of Violating Federal Law and Causing Investor Losses
Robbins Arroyo LLP announces that an investor of Bankrate, Inc. (NYSE: RATE) has filed a federal securities fraud class action complaint in the U.S. District Court for the Southern District of Florida. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between March 1, 2013 and September 15, 2014. Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet.
Bankrate Is Accused of Making False and Misleading Statements and Failing to Disclose Material Adverse Facts
According to the complaint, shares of Bankrate dropped 13% on September 15, 2014, after the company issued a press release and filed a Form 8-K with the U.S. Securities Exchange Commission (“SEC”) announcing that the SEC is investigating the company’s financial reporting during 2012. The press released informed investors that they should no longer rely on Bankrate’s 2011, 2012, and 2013 financial statements as they contained errors related to the improper recognition of revenues and expenses. The announcement also provided that the company’s Chief Financial Officer, Edward J. DiMaria, had resigned.
Bankrate Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.