Law Offices Of Howard G. Smith, Representing Investors Of SearchMedia Holdings Limited (f/k/a Ideation Acquisition Corp.), Announces Class Action Lawsuit
On August 20, 2010, SearchMedia announced that the historical financial statements of SMIL for the 2007 and 2008 fiscal years would have to be restated and can no longer be relied upon. SearchMedia informed investors that it estimated SMIL’s revenue in 2007 and 2008 had been overstated by approximately $6 million and $25 million, respectively.
On this news, SearchMedia’s stock fell $0.78 per share, or nearly 23%, to close on August 20, 2010, at $2.62 per share, and further declined an additional $0.92 per share, to close on August 23, 2010, at $1.70 per share. Over the course of these two days of trading, on unusually heavy trading volume, SearchMedia’s stock declined a combined $1.70 per share, or 50%, from its closing price of $3.40 per share on August 19, 2010.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased SearchMedia common stock between April 1, 2009, and August 20, 2010, you have certain rights, and have until November 15, 2010, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice 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, by email to
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