| Company: | Bankrate, Inc |
| Ticker Symbol: | RATE |
| Class Period: | Mar-1-13 to Sep-15-14 |
| Date Filed: | Oct-1-14 |
| Lead Plaintiff Deadline: | Nov-30-14 |
| Court: | Southern District of Florida |
| Allegations: | |
The class action alleges that the Company and certain of its officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the complaint alleges that during the class period Defendants made false and/or misleading statements and/or failed to disclose material information regarding the Company's improper business and operational practices including, among other things, 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 of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On September 15, 2014, the Company filed a Form 8-K with the SEC, announcing, among other things, 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. Following this news, the Company's shares fell $1.90, or over 13%, to close at $11.92 per share on September 15, 2014.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
