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Case Status:    SETTLED
On or around 09/22/2015 (Date of order of distribution of settlement)

Filing Date: October 10, 2013

According to the law firm press release, Bankrate publishes, aggregates and distributes personal finance content on the Internet. The Company generates revenues by, among other things, connecting consumers to companies that offer financial products - such as insurance, credit cards and mortgages - by providing referrals of interested customers' contact information, or "leads," to its client companies.

Plaintiffs allege that defendants issued materially false and misleading statements or failed to disclose material facts concerning Bankrate's business and financial prospects. Specifically, the Complaint alleges that defendants misrepresented or omitted material facts about the true quality of Bankrate's insurance leads.

On October 15, 2012, the Company announced that Bankrate would not meet its publicly announced earnings expectations for third quarter 2012, due to reductions in the volume of its insurance leads as a result of their poor quality. Following this news, the price of Bankrate stock declined approximately 22%, from a closing price of $14.50 on October 15, 2012, to a closing price of $11.26 on October 16, 2012, on heavy trading volume.

An amended complaint was filed on January 21, 2014.

The parties entered into a Stipulation of Settlement on August 5, 2014. The Settlement was preliminarily approved on September 3. On November 25, the Court granted final approval of the Settlement and dismissed this case.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RATE
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 13-CV-07183
JUDGE: Hon. Edgardo Ramos
DATE FILED: 10/10/2013
CLASS PERIOD START: 06/16/2011
CLASS PERIOD END: 10/15/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
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