BOSTON, Sept. 16, 2014 /PRNewswire/ -- Shares of Bankrate, Inc. ("Bankrate" or the "Company") (NYSE: RATE) have plunged precipitously on news that the Company has had its financial results for the previous three years examined by the United States Securities and Exchange Commission ("SEC").
On September 15, 2014, news broke that the SEC is investigating Bankrate's financial results. In light of the newly released information, the Company announced that its Chief Financial Officer ("CFO") Edward DiMaria had tendered his resignation. Concurrently, Bankrate announced that its financial results from 2011, 2012 and 2013 should no longer be relied upon by investors.
Upon absorbing the news, shares of Bankrate plummeted in the market, falling from a closing price of $13.82 on Friday, September 12, 2014, to close at $11.92 on Monday, September 15, 2014, a drop of approximately 14%. Shares of the Company have continued to drop an additional 6% in early trading on the morning of Tuesday, September 16, 2014. The purported accounting violations have resulted in a loss of $200 million in market value to Bankrate investors.
Block & Leviton LLP is investigating the Company and certain of its officers and directors to determine how widespread any potential accounting violations extend and whether any insiders at the Company personally profited by the alleged accounting improprieties.
If you purchased Bankrate securities between October 16, 2012, and September 15, 2014, and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or at Steven@blockesq.com. Confidentiality to any whistleblowers or other persons with information relevant to the investigation is assured.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.
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Contact:
BLOCK & LEVITON LLP
Steven P. Harte
(617) 398-5600
Steven@blockesq.com
SOURCE Block & Leviton LLP
