An investigation for investors in shares of Bankrate Inc (NYSE:RATE) over potential wrongdoing by certain officers and directors of Bankrate Inc was continues and NYSE:RATE stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 10/22/2012 -- An investigation on behalf of investors in shares of Bankrate Inc (NYSE:RATE) was announced concerning whether certain Bankrate Inc officers and directors possibly breached their fiduciary duties in connection with certain statements.
Investors who are current long term stockholders of shares of Bankrate Inc (NYSE:RATE), including those who continuously hold NYSE:RATE for several years, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Bankrate officers and directors breached their fiduciary duties and caused damage to the company. and its shareholders by failing to implement adequate internal controls and misstating the company's financial results.
Bankrate Inc (NYSE:RATE) reported that its annual Revenue rose from $131.48 million in 2009 to $424.20 million in 2011 and its Net Loss decreased from $43.02 million in 2009 to $13.42 million. Bankrate Inc also reported that its second quarter Revenue rose from $98.45 million in 2011 to $122.12 million in 2012 and its second quarter Net Loss of $39.66 million in 2011 turned into a second quarter Net Income of $16.28 million in 2012. In fact, Bankrate Inc reported for the first 6months in 2012 a combined Revenue of $247.14 million with a 6months combined Net Income of $26.95 million.
Shares of Bankrate Inc (NYSE:RATE) grew from $14.85 per share in August 2011 to as high as $24.75 per share in March 2012.
Then on October 15, 2012, after the market closed, Bankrate Inc (NYSE:RATE) announced its preliminary Third Quarter Fiscal 2012 Results. Among other things, Bankrate Inc said it Total revenue for the third quarter is expected to be between $115.5 million and $117.5 million. Furthermore Bankrate Inc said it that adjusted earnings before interest, taxes, depreciation, and amortization, excluding share-based compensation expense and IPO and deal related expenses ("Adjusted EBITDA"), are expected to be between $28.5 and $30 million in the third quarter of 2012, compared to $36.0 million in the third quarter of 2011, or a decline of 19% at the midpoint of the range.
Shares of Bankrate Inc (NYSE:RATE) fell from $14.50 per share on October 15, 2012 to $10.40 per share on October 16, 2012.
Those who are current long term stockholders of shares of Bankrate Inc (NYSE:RATE), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego