SAN FRANCISCO, Oct. 28, 2014 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts investors that a class action lawsuit has been filed against Bankrate, Inc. (NYSE:RATE) ("Bankrate" or "the Company) The suit is pending in U.S. District Court for the Southern District of Florida and investors have until November 17, 2014 to move for lead plaintiff.
The complaint applies to purchases of stock made between March 1, 2013 and September 15, 2014 ("Class Period"). If your purchases fall in that time period, you are encouraged to contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing RATE@hbsslaw.com or visiting http://hb-securities.com/investigations/RATE.
The complaint alleges that Bankrate made false and misleading statements in violation of securities laws. Specifically, the allegations relate to the September 15, 2014 announcement, by the Company that the SEC is investigating the Company's financial reporting during 2012 and some of its previously issued financial statements should no longer be relied upon. On this news, the Company's shares fell $1.90, or over 13%, to close at $11.92 per share on September 15, 2014.
Additionally, on October 8, 2014, Bankrate announced that it had terminated their CFO Edward J. DiMaria's employment with the Company 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 a further drop in the Company's stock, closing at $9.75 on October 10 and eventually dropping to a low price of $9.66 on October 13, 2014.
"The truth about Bankrate's practices is slowly being revealed," said Mr. Kathrein. "From the beginning, this Company appears to have engaged in shady conduct, and the last cost drop is a symptom of ongoing problems with the Company and its executive management."
If you suffered a loss from your investment in Bankrate securities purchased on or during the period March 1, 2013 and September 15, 2014, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action.
Whistleblowers: Persons with non-public information regarding Bankrate should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email RATE@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.
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