The Shareholders Foundation announces that an investigation on behalf of investors of Bankrate Inc (NYSE:RATE) shares was launched over potential securities laws violations by Bankrate Inc and certain of its directors and officers.
Investors who purchased shares of Bankrate Inc (NYSE:RATE) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Bankrate Inc (NYSE:RATE) concerning whether a series of statements by Bankrate regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Bankrate Inc reported that its annual Total Revenue rose from $457.16 million in 2012 to $457.43 million in 2013, while its Net Income of $29.33 million in 2012 declined to a Net Loss of $10 million in 2013.
Shares of Bankrate Inc (NYSE:RATE) declined from $22.45 per share in October 2013 to $9.75 per share in October 2014.
On March 3, 2015 Bankrate Inc requested to delay its annual report 10-K filling with the U.S. Securities and Exchange Commission. tBankrate Inc said that its Audit Committee concluded that Bankrate’s previously issued financial statements for each of fiscal years 2011, 2012 and 2013 should no longer be relied upon pending the conclusion of a full internal review described in the report. Bankrate Inc said that this internal review is ongoing and could result in findings affecting the Company’s previously issued financial statements for any or all of fiscal years 2011, 2012 and 2013. Bankerate said that until this review is complete, it will be unable to obtain and compile the financial data necessary to complete the Company’s Annual Report on Form 10-K for the period ended December 31, 2014, particularly the comparative columnar data for fiscal years 2012 and 2013, and comparisons to results from such periods, without unreasonable effort and expense.
Shares of Bankrate Inc (NYSE:RATE) closed on March 16, 2015, at $12.40 per share.
Those who purchased shares of Bankrate Inc (NYSE:RATE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com