BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith alerts investors that a class action lawsuit has been filed against Bankrate, Inc. (“Bankrate” or the “Company”) (NYSE:RATE) that expands the class period to include purchases of Bankrate securities between October 16, 2012 and September 15, 2014, inclusive (the “Class Period”). Investors who purchased Bankrate securities during the Class Period and wish to serve as lead plaintiff in the shareholder lawsuit have until November 17, 2014, to file a motion to be appointed with the Court.
Bankrate publishes, aggregates and distributes personal finance content on the Internet. The Complaint alleges that the Company made false and misleading statements in violation of federal securities laws. Specifically, the allegations relate to the Company’s September 15, 2014, announcement that the SEC is investigating Bankrate’s financial reporting during 2012 and that certain of its previously issued financial statements should no longer be relied upon. Following this news, the Company's shares fell more than 13%, or $1.90 per share, to close at $11.92 per share on September 15, 2014.
In addition, on October 8, 2014, Bankrate announced that it had terminated the employment of its chief financial officer Edward J. DiMaria for cause, effective immediately, as a result of his notifying the Company and the SEC of his decision not to cooperate in the previously announced investigation. This announcement caused the Company’s stock to fall an additional 11%, or $1.23 per share, to close at $9.75 on October 10, 2014.
If you purchased Bankrate securities between October 16, 2012 and September 15, 2014, you may move the Court no later than November 17, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.