September 8, 2015- North Palm Beach, Florida
Bankrate Inc (RATE.N) resolved an action filed by the U.S. Securities and Exchange Commission that it engaged in accounting fraud to ensure that financial results met expectations of analysts by agreeing to pay $15 million.
Former Chief Financial Officer Edward DiMaria and former director of accounting Matthew Gamsey were also named in the complaint and are continuing to defend that action. Former vice president Hyunjin Lerner reached a settlement with the SEC for $180,045.
The SEC alleged that Bankrate posted artificial results in July 2012 which caused the stock to rise of 10%. Shortly thereafter DiMaria sold $2 million of company stock at the inflated price, according to the SEC.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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