WASHINGTON, Oct. 24, 2014 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC ("Cohen Milstein") announces that on October 22, 2014, it filed a class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of all purchasers of Bankrate, Inc. ("Bankrate") securities during the period between March 1, 2013 and September 15, 2014, inclusive (the "Class Period").
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Through its online network including Bankrate.com, the company provides consumers with independent personal finance editorial content in subject matters such as mortgages, deposits, insurance, credit cards, retirement, automobile loans, and taxes.
The complaint alleges that Bankrate and certain of its executives made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The claims arise out of Bankrate's materially false and misleading financial statements which contained errors related to the improper recognition of revenues and expenses. Bankrate, moreover, lacked adequate internal controls over financial reporting during the Class Period.
As alleged in the complaint, on September 15, 2014, Bankrate disclosed that the SEC is conducting a non-public formal investigation relating to the company's financial reporting during 2012. Bankrate also announced that its audit committee concluded that the company's previously issued financial statements for fiscal years 2011, 2012, and 2013 should no longer be relied upon pending the conclusion of a full internal review. Bankrate's stock price fell substantially following the announcement.
Plaintiff seeks to recover damages on behalf of all those who purchased Bankrate securities from March 1, 2013 through September 15, 2014. Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia, Denver, and Palm Beach Gardens.
The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you purchased Bankrate securities from March 1, 2013 through September 15, 2014, you may move the court no later than November 17, 2014 (a previous case had been filed against Bankrate in September 2014 in the U.S. District Court for the Southern District of Florida), and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Cohen Milstein, or other attorneys, to serve as your counsel in this action.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Jordan Hill
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
East Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; jhill@cohenmilstein.com