Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased SearchMedia Holdings Limited (f/k/a Ideation Acquisition Corp.) Announces Class Action Lawsuit And Seeks To Recover Losses
Please replace the release dated September 14, 2010 with the following corrected version due to multiple revisions.
The corrected release reads:
GLANCY BINKOW & GOLDBERG LLP, REPRESENTING INVESTORS WHO PURCHASED SEARCHMEDIA HOLDINGS LIMITED (F/K/A IDEATION ACQUISITION CORP.) ANNOUNCES CLASS ACTION LAWSUIT AND SEEKS TO RECOVER LOSSES
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased the securities of SearchMedia Holdings Limited (formerly, Ideation Acquisition Corp.) (“SearchMedia” or “Ideation” or the “Company”) (NYSE AMEX: IDI), between April 1, 2009, and August 20, 2010, inclusive (the “Class Period”). The action is brought on behalf of all purchasers of the Company’s securities – including but not limited to purchasers of SearchMedia common stock – during the foregoing Class Period.A copy of the Complaint is available from the court or from Glancy Binkow Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (313) 201-9150 or Toll Free at (888) 773-9224, by email at email@example.com, or visit our website at http://www.glancylaw.com. The Complaint charges certain of the Company’s current and former executive officers and directors with violations of federal securities laws. Ideation was a blank-check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more businesses. On April 1, 2009, the Company announced an agreement to purchase SearchMedia International Limited ("SMIL"), a purported nationwide multi-platform media company in China. On October 30, 2009, Ideation completed the acquisition of SMIL (the “Merger”) and changed its name to SearchMedia. The Complaint relates to material misstatements and/or omissions in the joint proxy statement and prospectus (the "Proxy/Prospectus") issued in connection with the Merger, as well as other public statements issued during the Class Period related to the Merger and SMIL. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning SearchMedia and SMIL’s business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that SMIL was improperly recognizing revenue; (2) that certain of SMIL’s accounts receivable related to sales generated primarily in the in-elevator business were uncollectible, (3) that, as a result, SMIL’s financial results were overstated; (4) that SMIL’s financial results were not prepared in accordance with Generally Accepted Accounting Principles; (5) that SMIL lacked adequate internal and financial controls; and (6) as a result of the above, SMIL’s financial statements were materially false and misleading at all relevant times.
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