Case Page

 

Case Status:    SETTLED
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 INFORMATION:

Sector: Technology
Industry: Software & Programming
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. Florida
DOCKET #: 14-CV-81183
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 09/17/2014
CLASS PERIOD START: 03/01/2013
CLASS PERIOD END: 09/15/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 14-CV-81323
JUDGE: Hon. Kenneth L. Ryskamp
DATE FILED: 12/08/2015
CLASS PERIOD START: 08/01/2012
CLASS PERIOD END: 10/09/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Kessler Topaz Meltzer & Check LLP (Pennsylvania)
    280 King of Prussia Road, Kessler Topaz Meltzer & Check LLP (Pennsylvania), PA 19087
    610.667.7706 610.667.7706 · info@ktmc.com
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date