Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Bankrate, Inc.
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Bankrate, Inc. (NYSE: RATE)?
- Did you purchase your shares before March 1, 2013, or between March 1, 2013 and September 15, 2014, inclusive?
- Did you lose money in your investment in Bankrate, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities that purchased the common stock of Bankrate, Inc. (“Bankrate” or the “Company”) (NYSE: RATE) between March 1, 2013 and September 15, 2014, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Bankrate during the Class Period, or purchased shares prior to the Class Period and still hold Bankrate, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://www.rigrodskylong.com/investigations/bankrate-inc-rate.
Bankrate and is a leading publisher, aggregator and distributor of personal finance content on the Internet. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) Bankrate’s financial statements contained errors related to the improper recognition of revenues and expenses; (2) the Company lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 15, 2014, the Company filed a form 8-K with the SEC, announcing, among other things, that the SEC is investigating the Company’s financial reporting during 2012 and that some of its previously issued financial statements should no longer be relied upon.
On this news, shares in Bankrate fell almost 14%, closing at $11.92 per share on September 16, 2014, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 17, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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