WASHINGTON, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Bankrate, Inc. ("Bankrate" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of Florida by another law firm on behalf of purchasers of the common stock of Bankrate, Inc. (NYSE:RATE) between March 1, 2013 and September 15, 2014, inclusive (the "Class Period").
The complaint alleges that Bankrate and certain of its officers and directors ("Defendants") issued materially false and misleading financial statements because: (1) the Company's financial statements contained errors related to the improper recognition of revenues and expenses; and (2) the Company lacked adequate internal controls over financial reporting.
The claims in this case followed Bankrate's September 15, 2014, announcement that: (1) the SEC is conducting a formal investigation into the Company's financial reporting during 2012; (2) Bankrate's Audit Committee determined that the Company's financial statements for the years 2011, 2012 and 2013 should no longer be relied upon; and (3) Bankrate's Chief Financial Officer had resigned. The price of Bankrate shares fell from $13.82 to $11.92 on September 15.
Cohen Milstein encourages all investors who purchased Bankrate common stock between March 1, 2013 and September 15, 2014, or former employees with information concerning this matter to contact the firm.
If you are a Bankrate shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than November 17, 2014 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Jordan Hill
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; jhill@cohenmilstein.comAttorney Advertising