On or around 08/24/2016 (Settlement preliminarily approval)
Filing Date: September 17, 2014
According to the law firm press release, the lawsuit alleges Bankrate issued materially false and misleading financial statements because (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, the Company's financial statements were materially false and misleading at all relevant times.
According to the Complaint, on September 15, 2014, Bankrate disclosed that the SEC has requested documents related to its financial reporting during 2012, and that the Chief Financial Officer has resigned. The Company also announced that in connection with the SEC's investigations, investors should no longer rely on its 2011, 2012, and 2013 financial statements. That day, the Company's stock price fell as much as 22%, damaging investors.
On July 18, 2016, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on August 24.
Company & Securities Information
Defendant: Bankrate, Inc.
Industry: Software & Programming
Headquarters: United States
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.