An investigation on behalf of investors of Bankrate Inc (NYSE:RATE) shares over potential securities laws violations by Bankrate Inc and certain of its directors and officers was announced.
Investors who purchased shares of Bankrate Inc (NYSE:RATE), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Bankrate Inc (NYSE:RATE) concerning whether a series of statements by Bankrate Inc (NYSE:RATE regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Bankrate Inc reported that its annual Total Revenue rose from $371.96 million in 2015 to $434.16 million in 2016 and that its Net Income of $16.84 million in 2015 declined to a Net loss of $34.04 million in 2016.
On March 17, 2017, Bankrate Inc announced that it would delay filing its annual report for 2016, citing the discovery of a “calculation error . . . in a valuation report prepared by a third party valuation specialist that was a key input in the valuation of the impairment of finite lived assets in the 2016 fiscal year in [Bankrate’s] Quizzle business.”
Bankrate Inc also said that it “expects to disclose a material weakness in its internal control over financial reporting in its Annual Report related to its controls over validating reports prepared by third party valuation specialists.”
On April 11, 2017, NYSE:RATE shares closed at $9.80 per share.
Those who purchased NYSE:RATE shares have certain options and should contact the Shareholders Foundation.
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