Bankrate Shareholder Alert- National Securities Law Firm Announces Investigation Of Bankrate, Inc. For Potential Violation Of Federal Securities Laws
September 15, 2014
New York, New York
Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating potential violations of the federal securities laws by Bankrate, Inc. (NYSE: RATE) and certain of its officers.
On September 15, 2014, Bankrate disclosed that the Securities and Exchange Commission (the “SEC”) has requested documents related to its financial reporting during 2012 and that Chief Financial Officer, Edward DiMaria has resigned. Bankrate stated that the SEC’s investigation relates to the Company’s financial reporting during 2012, with the primary focus on the quarters ending March 31, 2012 and June 30, 2012. The investigation will examine three accruals of revenue totaling approximately $781,000 and two adjustments to reduce accrued expenses totaling approximately $850,000. Bankrate also revealed that the investigation includes other accounting entries and whether entries improperly impacted the Company’s reported results.
Following this announcement, Bankrate’s shares fell $2.20 (or 15.92%) in intraday trading on September 15, 2014.
If you purchased shares of Bankrate and suffered significant losses on your investment, and wish to discuss this matter at no cost or expense, please contact us toll free at 1-800-511-7037 or contact us via our website.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.