If you have purchased shares of Bankrate Inc (NYSE:RATE) between June 16, 2011 and October 15, 2012, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 12/09/2013
The investor is filing a class action lawsuit on behalf of other individuals who were mislead by the statements issued by Bankrate Inc. The plaintiff has stated in his complaint that he is filing the lawsuit on behalf of those who purchased Bankrate securities from the date of the company's initial public offering on June 16, 2011.
The investor further states in his complaint that Bankrate made false and misleading statements in a variety of documents. These documents were the financial statements, public filings, press releases and other documents filed with the Securities and Exchange Commission (SEC).
Those who purchased shares from Bankrate allegedly did not have information that depicted the true value and quality of the shares. Shares were allegedly sold at artificially inflated prices, and investors were not aware of their true value. The plaintiffs also allege that there was certain information omitted from documents and that Bankrate had a legal duty to provide this information to investors. In only a few months from August 2011 to March 2012, the shares jumped in price from $14.85 per share to $24.75 per share.
After this rapid change in price, the Bankrate shares continued to drastically decline in value. On November 8, 2012, the shares fell to a value as low as $10.17. After an analysis of its earnings for the fiscal year 2012, it appears that Bankrate experienced a decline in its shares of 19 percent. The plaintiff now seeks to recover damages for the losses that buyers experienced from June 16, 2011, to October 15, 2012.
Own shares of Bankrate Inc (NYSE:RATE)? Contact us to protect your rights.
If you have purchased shares of Bankrate Inc (NYSE:RATE) between June 16, 2011 and October 15, 2012, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.