LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces that it is investigating claims against Bankrate, Inc. (“Bankrate” or the “Company”) (NYSE: RATE) concerning possible violations of federal securities laws.
Bankrate revealed that it would stall filing its annual report for 2016, attributing the delay to the discovery of a "calculation error ... in a valuation report prepared by a third party valuation specialist that was a key input in the valuation of the impairment of finite lived assets in the 2016 fiscal year in [Bankrate's] Quizzle business." The Company also mentioned that it "expects to disclose a material weakness in its internal control over financial reporting in its Annual Report related to its controls over validating reports prepared by third party valuation specialists."
When this information was revealed to investors, the value of Bankrate stock dropped, causing harm to investors.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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