April 7, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Bankrate Inc (NYSE:RATE) shares over potential securities laws violations by Bankrate Inc (NYSE:RATE and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Bankrate Inc (NYSE:RATE) concerning whether a series of statements by Bankrate Inc (NYSE:RATE regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Bankrate Inc reported that its annual Total Revenue rose from $371.96 million in 2015 to $434.16 million in 2016 and that its Net Income of $16.84 million in 2015 declined to a Net loss of $34.04 million in 2016.

On March 17, 2017, Bankrate Inc announced that it would delay filing 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.'
Bankrate Inc also said 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.'