NEW YORK, Dec. 6, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Bankrate, Inc. ("Bankrate" or the "Company") (NYSE: RATE) common stock between, pursuant or traceable to the Company June 16, 2011 initial public offering, in a December 6, 2011 secondary offering, or on the open market from June 16, 2011 through October 15, 2012. The complaint alleges that Defendants made false and/or misleading statements and/or omitted material facts regarding the Company's insurance leads.
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On October 15, 2012, the Company announced that Bankrate would not meet its publicly announced earnings expectations for third quarter 2012, citing reductions in the volume of its insurance leads as a result of their poor quality. Upon this news, the price of Bankrate stock fell approximately 22%, from a closing price of $14.50 on October 15, 2012, to a closing price of $11.26 on October 16, 2012.
If you suffered a loss in Bankrate you have until December 9, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/bankrate-rate/
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP