WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Bankrate, Inc. (“RATE” or the “Company”) (NYSE: RATE) in connection with the proposed acquisition of the Company by Red Ventures Holdco, LP. Under the terms of the acquisition agreement, the Company’s shareholders will receive $14.00 in cash for each RATE share they own.
WeissLaw is investigating whether RATE’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, the offer price is $1.00 less than the analyst target price of $15.00, and represents a meagre 8.52% premium over the Company’s June 30 trading price of $12.90. Additionally, prior to the acquisition agreement, RATE announced impressive financially results for the first quarter of fiscal year 2017. It reported a remarkable 27% year-over-year growth in total revenue. RATE also announced a 35% revenue increase in its credit card segment, an 18% revenue increase its banking segment, and an astounding 70% increase in adjusted EBITDA.
Given these facts, WeissLaw is investigating whether RATE’s Board acted in the best interests of RATE’s public shareholders to maximize shareholder value prior to entering into the agreement. If you own RATE shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/bankrate-inc/