Block & Leviton LLP Announces That It Has Filed A Class Action Against Bankrate, Inc., Expanding The Class Period To Include More Investors
BOSTON, Oct. 30, 2014 /PRNewswire/ -- Block & Leviton has filed a class action against Bankrate, Inc. ("Bankrate" or the "Company") (NYSE: RATE) alleging violations of the federal securities laws. The action, captioned Jahm v. Bankrate, Inc., Case No. 9:14-cv-81323, is pending in the United States District Court for the Southern District of Florida. After an investigation conducted by the firm, the losses of investors who purchased Bankrate securities as far back as October 16, 2012, will now be included in the litigation. The previously announced class period covered purchases made only through March 1, 2013.
On September 15, 2014, Bankrate disclosed that the United States Securities and Exchange Commission ("SEC") is investigating certain of Bankrate's previously reported financial results. On the same day Bankrate revealed the SEC investigation, the Company announced that its Chief Financial Officer, Edward DiMaria, had tendered his resignation. Concurrently, Bankrate announced that its financial results from 2011, 2012 and 2013 should no longer be relied upon by investors.
Following these disclosures, shares of Bankrate plummeted in the market, falling from a closing price of $13.82 on Friday, September 12, 2014, to close at $11.92 on Monday, September 15, 2014, a drop of approximately 14%. Shares of the Company have continued to drop, reaching the Company's 52 week trading low of $9.39 on Friday, October 15, 2014, a loss of over 30%. The purported accounting violations have resulted in a loss of over $400 million in market capitalization.
If you purchased Bankrate securities between October 16, 2012, and September 15, 2014, and have questions about your legal rights, if you would like a copy of the complaint for your review or if you have information relevant to this investigation, please contact attorney Steven Harte of Block & Leviton LLP at (617) 398-5600 or at [email protected]. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.
If you are a member of the Class, you may, no later than November 17, 2014, request that the court appoint you as Lead Plaintiff for the Class. You may also retain counsel of your choice and you need not take any action at this time to be a class member.
This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven Harte
(617) 398-5600
[email protected]
SOURCE Block & Leviton LLP
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