NEW YORK, Oct. 11, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of Bankrate, Inc. ("Bankrate or the Company") (NYSE: RATE), during the period 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").
The complaint charges Bankrate and certain of its executives with violations of federal securities laws. The complaint alleges that during the class period bankrate and certain of its executives issued allegedly false and misleading press releases, financial statements, filings with the Securities and Exchange Commission, made false and misleading statements and omissions during investor conference calls, and sold the Company's shares in the IPO and secondary offering by means of allegedly false and misleading prospectuses. Specifically, the complaint alleges that defendant misled investors regarding the quality of Bankrate's insurance leads and as a result of Defendants' allegedly false statements and omissions, Bankrate Inc's securities traded at artificially inflated prices between June 16, 2011 through October 15, 2012.
After the market closed on October 15, 2012, the Defendants announced that the Company would not meet its earnings expectation for the third quarter of 2012 due to the quality of Bankrate's insurance leads. On this news, shares of Bankrate fell from $14.50 per share on October 15, 2012 to close at $11.26 per share on October 16, 2012.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. December 9, 2013 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC