If you purchased or otherwise acquired Bankrate, Inc. common stock between August 1, 2012 and October 9, 2014, you may be entitled to a recovery
SEATTLE, Dec. 16, 2020 /PRNewswire/ -- On September 8, 2015, in two related settled administrative proceedings the United States Securities and Exchange Commission (the "Commission") issued separate orders, against Bankrate, Inc. ("Bankrate") and, its vice president of finance Hyunjin Lerner, CPA ("Lerner") finding that they violated the federal securities laws.
The Commission ordered Bankrate to pay a $15,000,000 civil penalty and ordered Lerner to pay a $150,000 civil penalty, $30,045 in disgorgement, and $2,571 of prejudgment interest. Simultaneously, the Commission filed a related litigated civil action against Edward DiMaria, Bankrate's former Chief Financial officer, and Matthew Gamsey, former Vice President and director of accounting, in the U.S. District Court for the Southern District of New York ("Civil Action"). On May 8, 2017, a single Fair Fund was established which combined the $15,182,616 paid by Bankrate and Lerner for distribution to harmed investors. Pursuant to their respective judgments in the Civil Action, DiMaria paid $231,158.56 in disgorgement, prejudgment interest, and civil penalties and Gamsey paid a $60,000 civil penalty to the Commission, which was transferred into the Fair Fund for distribution with the funds therein. In total, $15,473,774.56 was paid into the Fair Fund for distribution to harmed investors.
The Fair Fund is separate and independent from the settlement funds previously established in the related securities class action settlement, entitled The City of Los Angeles, et al. v. Bankrate, Inc., et al., No. 9:14 cv 81323-DMM, in the United States District Court for the Southern District of Florida (the "Class Action"). However, the Fair Fund relates to allegations resembling those asserted in the Class Action and to purchases of Bankrate, Inc. common stock between August 1, 2012 and October 9, 2014, a time period contained in the Class Action.
If you previously filed an approved claim in the Class Action and do not wish to amend your claim, do not submit another claim. You will automatically be an eligible claimant in the Fair Fund with respect to transactions in the Class Action for which your claim was approved.
If you previously filed a claim in the Class Action that was determined to be deficient and you failed to cure such deficiencies, and you wish to participate in the Fair Fund, you must submit documentation to support your claim so that it is received no later than February 23, 2021.
If you did not previously file a claim in the Class Action and wish to participate in the Fair Fund, you must submit a Fair Fund claim form and documentation, which must be postmarked no later than February 23, 2021.
The Fair Fund claim form is available at www.BankrateFairFund.com, as well as through the Commission's website (www.sec.gov).
Certain claimants with large numbers of transactions may request, or may be requested, to submit information regarding their transactions in electronic files. To obtain the mandatory electronic filing requirements and file layout, visit www.BankrateFairFund.com or email [email protected]. Any file not in accordance with the required electronic filing format will be subject to rejection. Proof of authority to submit a Fair Fund claim form on behalf of any managed accounts must be submitted with any Fair Fund claim forms for such accounts.
The Fair Fund, together with accumulated interest and earnings from investments thereon, less taxes and the fees and expenses of administering the Plan (the "Net Available Fair Fund") will be distributed to persons who purchased or otherwise acquired Bankrate, Inc. common stock between August 1, 2012 and October 9, 2014, and who (a) already submitted a claim that was approved in the Class Action; (b) submitted a claim that was determined to be deficient in the Class Action who now cure such deficiencies; and/or (c) submit a Fair Fund claim form by February 23, 2021 that is determined to be eligible for a distribution ("Eligible Claimants").
You are excluded from participation in the Fair Fund if you are:
- A Respondent;
- A member of the immediate family (spouse or children) of any Respondent;
- An officer or director of Bankrate between August 1, 2012 and October 9, 2014;
- Any firm, trust, corporation, officer, or other entity in which any Respondent has or had a controlling interest; and
- Bankrate's directors' and officers' liability insurance carriers, and any affiliates or subsidiaries thereto.
Notice will be provided to persons with records in the Class Action, and for determining the amount of each Eligible Claimant's claim. The claim amount will be calculated pursuant to the methodology of the Plan of Allocation as set forth in Exhibit A of the Plan of Distribution for the Bankrate Fair Fund available at www.BankrateFairFund.com.
If the total claim amount of all Eligible Claimants exceeds the Net Available Fair Fund, Eligible Claimant payments will be based upon a pro rata distribution formula. Each Eligible Claimant's Pro Rata Share of the Fair Fund will be based upon each Eligible Claimant's Eligible Loss Amount divided by the total of all Eligible Loss Amounts of all Eligible Claimants, multiplied by the total amount in the Net Available Fair Fund ("Pro Rata Share"). Any claims that would result in a payment of less than $10.00 will not be paid.
Claim forms are available at www.BankrateFairFund.com. Claim forms must be submitted to the address below and postmarked by February 23, 2021.
Bankrate Fair Fund
c/o JND Legal Administration
P.O. Box 91229
Seattle, WA 98111
If you fail to timely submit a completed claim form, you may be barred from receiving a payment from the Fair Fund. Claim forms must be accompanied by appropriate supporting documents for each transaction listed. If you fail to provide all required information, or your claim is otherwise deficient, you may receive a Claim Deficiency Notice advising you of the reason(s) why the claim is deficient and of the opportunity to cure such deficiencies.
Upon receipt and acceptance of a distribution from the Fair Fund, you shall be deemed to have released any claims you may have against the fund administrator and its agents. By participating in the distribution of the Fair Fund, you will not be releasing any rights or claims you may have against any other party.
If you purchased Bankrate, Inc. common stock between August 1, 2012 and October 9, 2014 as nominee for a beneficial owner and have additional names and addresses that were not previously submitted in the Class Action, then within fourteen (14) calendar days after you receive a Notice, you must either: (a) send a copy of the Notice by first-class mail to all such beneficial owners; or (b) provide a list of the names and addresses of such beneficial owners to the fund administrator at the address above.
Questions? Visit www.BankrateFairFund.com, call toll-free at (888) 921-0721 or email [email protected].
SOURCE JND Legal Administration
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