Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Bankrate, Inc.
WAYNE, Pa., Oct. 16, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased or otherwise acquired Bankrate, Inc. ("Bankrate" or the "Company") (NYSE: RATE) securities in or traceable to the Company's June 16, 2011 initial public offering, in a December 6, 2011 secondary offering, or on the open market during the period from June 16, 2011 through October 15, 2012 inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/rate.
The complaint charges the Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Bankrate publishes, aggregates and distributes personal finance content on the Internet. The Company generates revenues by, among other things, connecting consumers to companies that offer financial products – such as insurance, credit cards and mortgages – by providing referrals of interested customers' contact information, or "leads," to its client companies.
The Complaint alleges that defendants issued materially false and misleading statements or failed to disclose material facts concerning Bankrate's business and financial prospects. Specifically, the Complaint alleges that defendants misrepresented or omitted material facts about the true quality of Bankrate's insurance leads.
On October 15, 2012, the Company announced that Bankrate would not meet its publicly announced earnings expectations for third quarter 2012, due to reductions in the volume of its insurance leads as a result of their poor quality. Following this news, the price of Bankrate stock declined approximately 22%, from a closing price of $14.50 on October 15, 2012, to a closing price of $11.26 on October 16, 2012, on heavy trading volume.
If you are a member of the class, you may, no later than December 9, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/rate or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
SOURCE Ryan & Maniskas, LLP