This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Law Offices Of Howard G. Smith, Representing Investors Of SearchMedia Holdings Limited (f/k/a Ideation Acquisition Corp.), Announces Class Action Lawsuit

Law Offices of Howard G. Smith, representing investors of SearchMedia Holdings Limited (formerly, Ideation Acquisition Corp.) (“SearchMedia” or the “Company”) (NYSE AMEX: IDI), has filed a class action lawsuit in United States District Court on behalf of a class (the “Class”) consisting of all persons or entities who purchased SearchMedia common stock between April 1, 2009, and August 20, 2010, inclusive (the “Class Period”). The class action lawsuit was filed in the United States District Court for the Central District of California.

The Complaint charges certain of the Company’s current and former executive officers and directors with violations of federal securities laws. Ideation Acquisition Corp. was a blank-check company formed for the purpose of acquiring one or more businesses through a merger, capital stock exchange, asset acquisition or other similar business combination. 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 alleged material misstatements and/or omissions in the joint proxy statement and prospectus (the "Proxy/Prospectus") issued in connection with the Merger and 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 and/or failed to disclose that their public statements concerning SearchMedia and SMIL’s business, operations and prospects were materially false and misleading, including that: (1) SMIL was improperly recognizing revenue; (2) certain of SMIL’s accounts receivable related to sales generated primarily in the in-elevator business were uncollectible; (3) as a result, SMIL’s financial results were overstated; (4) SMIL’s financial results were not prepared in accordance with Generally Accepted Accounting Principles; (5) 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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs