SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or otherwise acquired the securities of Bankrate, Inc. (“Bankrate” or the “Company”) (NYSE: RATE) between March 1, 2013 and September 15, 2014, inclusive (the “Class Period”).
If you purchased or otherwise acquired Bankrate securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 17 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Bankrate investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Bankrate Securities Class Litigation
The action charges Bankrate and certain of its senior officers with violations of the Securities Exchange Act of 1934. Bankrate is a publisher, aggregator, and distributor of personal finance content on the internet.
The complaint alleges that defendants issued materially false and/or misleading financial statements and/or failed to disclose 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, the Company’s financial statements were materially false and misleading at all relevant times.
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 also disclosed that its Chief Financial Officer resigned. 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.
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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