San Diego, CA -- (ReleaseWire) -- 05/27/2014 -- An investigation on behalf of current long-term investors in shares of Bankrate Inc (NYSE:RATE) shares was announced over potential breaches of fiduciary duties by certain officers and directors at Bankrate Inc.
Investors who purchased shares of Bankrate Inc (NYSE:RATE) in December 2011 or earlier and currently hold any of those NYSE:RATE shares have certain options and should contact the Shareholders Foundation at email@example.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.
On October 15, 2012, after the market closed, Bankrate Inc announced its preliminary Third Quarter Fiscal 2012 Results. Among other things, Bankrate Inc said its 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, 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 fell from $24.76 per share in February 2012 to as low as $10.55 per share in November 2012.
Those who purchased shares of Bankrate Inc in December 2011 or earlier and currently hold any of those NYSE:RATE shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego