Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of investors of SearchMedia Holdings Limited (“SearchMedia” or the “Company”) (NYSE AMEX:IDI) concerning possible violations of federal securities laws. SearchMedia is a nationwide multi-platform media company and one of the largest operators of integrated outdoor billboard and in-elevator advertising networks in China.
The investigation pertains to SearchMedia's August 20, 2010, announcement that as a result of the Company's continued internal analysis of its financial statements for the year ended December 31, 2009, based on management's recommendation, the Audit Committee had concluded that the historical financial statements of SearchMedia for the 2007 and 2008 fiscal years should be restated and that the financial statements from these periods can no longer be relied upon. The Company further indicated that it estimated that revenue in 2007 and 2008 had been overstated by approximately $6 million and $25 million, respectively.
If you are a shareholder of SearchMedia, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.