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