Lieff Cabraser Announces Investigation of Potential Securities Fraud Violations By Bankrate, Inc. – RATE
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that it is investigating potential violations of federal securities laws by Bankrate, Inc. (“Bankrate” or the “Company) (NYSE:RATE) in connection with allegations that the Company may have misstated its reported financial results.
On September 15, 2014, Bankrate disclosed that the Securities and Exchange Commission (the “SEC”) is conducting a formal investigation of the Company’s financial reporting, focusing mainly on the first two quarters of 2012. Bankrate also announced that its financial results for 2011, 2012 and 2013 should no longer be relied upon pending completion of an internal review. Bankrate’s Chief Financial Officer Edward J. DiMaria resigned in the wake of this disclosure. On this news, the price of Bankrate stock fell $1.90 per share, or almost 14 percent, from its closing price of $13.82 on September 12, 2014, to close at $11.92 per share on September 15, 2014, on heavy trading volume.
Bankrate investors who wish to learn more about Lieff Cabraser’s investigation should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for eleven years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law Firm of the Year” each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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