Bankrate Settles SEC Probe Over Financial Reporting

(RTTNews) - Online financial information service provider Bankrate Inc (RATE) on Tuesday announced a final settlement with the Securities and Exchange Commission that concludes the company's part in the investigation related to its historical financial reporting for the quarter ended June 2012.

The company said that without admitting or denying the findings in the SEC's administrative cease-and-desist order, it agreed to pay a civil penalty of $15 million and entered into a consent order.

The accounting entries encompassed by this settlement were addressed as part of the restatement that Bankrate previously disclosed in its Form 10-K filed on June 18. As previously disclosed, the company reserved $15 million relating to the settlement of this matter in the quarter ended September 2014.