NEW YORK, March 17, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Bankrate, Inc. ("Bankrate" or the "Company") (NYSE: RATE). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Bankrate and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 17, 2017, pre-market, Bankrate announced that the Company was unable to timely file its annual report for 2016, citing the discovery of a "calculation error . . . in a valuation report prepared by a third party valuation specialist that was a key input in the valuation of the impairment of finite lived assets in the 2016 fiscal year in [Bankrate's] Quizzle business." The Company further advised investors that it "expects to disclose a material weakness in its internal control over financial reporting in its Annual Report related to its controls over validating reports prepared by third party valuation specialists."
On this news, Bankrate's share price has fallen during intraday trading on March 17, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP