NEW YORK, Sept. 17, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that it has filed a class action lawsuit against Bankrate, Inc. (NYSE:RATE) on behalf of purchasers of the Company's common stock between March 1, 2013 and September 15, 2014. The lawsuit seeks to recover damages for Bankrate shareholders under the federal securities laws.
To join the Bankrate class action, go to the website at http://rosenlegal.com/cases-362.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Southern District of Florida.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Bankrate issued materially false and misleading financial statements because (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.
According to the Complaint, on September 15, 2014, Bankrate disclosed that the SEC has requested documents related to its financial reporting during 2012, and that Chief Financial Officer, Edward DiMaria has resigned. The Company also announced that in connection with the SEC's investigations, investors should no longer rely on its 2011, 2012, and 2013 financial statements. That day, the Company's stock price fell as much as 22%, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 17, 2014. If you wish to join the litigation go to http://rosenlegal.com/cases-362.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.