SAN DIEGO, Oct. 14, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Bankrate Inc (RATE) common stock over alleged violations of Federal Securities Laws by Bankrate Inc in connection with certain allegedly false and misleading statements made between June 16, 2011 and October 15, 2012.
Investors who purchased shares of Bankrate Inc (RATE) in or traceable to the Company's June 16, 2011 initial public offering, and / or in the December 6, 2011 secondary offering, and / or on the open market between June 16, 2011 and October 15, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants issued between June 16, 2011 through October 15, 2012 allegedly false and misleading press releases, financial statements, filings with the SEC, made allegedly false and misleading statements and omissions during investor conference calls, and sold the Company's shares in the IPO and secondary offering by means of allegedly false and misleading prospectuses.
The plaintiff claims that the defendants misled investors regarding the quality of Bankrate's insurance leads and as a result of defendants' allegedly false statements and omissions, Bankrate Inc's securities traded at artificially inflated prices between June 16, 2011 and October 15, 2012.
On October 15, 2012, after the market closed, Bankrate Inc announced its preliminary Third Quarter Fiscal 2012 Results. Among other things, Bankrate Inc said its Total Revenue for the third quarter is expected to be between $115.5 million and $117.5 million. Furthermore, Bankrate Inc said it that adjusted earnings before interest, taxes, depreciation, and amortization, excluding share-based compensation expense and IPO and deal related expenses, are expected to be between $28.5 and $30 million in the third quarter of 2012, compared to $36.0 million in the third quarter of 2011, or a decline of 19% at the midpoint of the range.
Shares of Bankrate Inc fell from $14.50 per share on October 15, 2012 to as low as $10.17 on November 8, 2012.
The plaintiff seeks to recover damages on behalf of all purchasers of Bankrate Inc common stock June 16, 2011 and October 15, 2012.
Those who purchased shares of Bankrate Inc (RATE) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.