NEW YORK, Sept. 30, 2014 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of Bankrate, Inc. ("Bankrate" or the "Company") (NYSE: RATE ) securities between March 1, 2013 and September 15, 2014, inclusive (the "Class Period").
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.
If you purchased Bankrate stock during the Class Period, you may, no later than November 17, 2014, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Bankrate Securities Class Action please contact Morgan & Morgan at 1-800-732-5200 or email info@morgansecuritieslaw.com .
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.
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