FWHT Findwhat.Com (MM)

Schatz & Nobel, P.C. Announces Class Action Lawsuit Against FindWhat.com HARTFORD, Conn., May 9 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Middle District of Florida on behalf of all persons who purchased the publicly traded securities of FindWhat.com (NASDAQ:FWHT) ("FindWhat.com" or the "Company") between January 5, 2004 and May 4, 2005, inclusive (the "Class Period"). Also included are all those who acquired FindWhat.com's shares through its acquisitions of Miva, Comet Systems or Espotting Media. The Complaint alleges that FindWhat.com and certain of its officers and directors violated federal securities laws. Specifically, with the completion of the first in a series of acquisitions by FindWhat.com, the Company began to accrue intangible assets in excess of their actual value. FindWhat.com disagreed with its auditor, Ernst & Young LLP, about the need to recognize an impairment of its goodwill in connection with FindWhat.com's 2004 financial statements. As a result of the dispute, on May 2, 2005, Ernst & Young LLP resigned and informed FindWhat.com of the following material weaknesses in its system of internal control over financial reporting: (i) purchase accounting, (ii) goodwill impairment, (iii) revenue recognition for private label agreements and other revenue agreements, excluding those related to FindWhat.com Network revenue, (iv) personnel resources and technical accounting expertise, (v) quarterly and year-end financial statement close and review process, and (vi) segregation of duties. On May 4, 2005, FindWhat.com announced the resignation of its CFO, Defendant Brenda Aguis. While Defendants had inflated FindWhat.com's stock, insiders sold 680,959 shares for proceeds of $11,320.179. On May 3, FindWhat.com stock plummeted $2.04 per share, or 26% and an additional $2.33, or 38% on May 5, 2005. If you are a member of the class, you may, no later than July 5, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free: (800) 797-5499, or by e-mail: . To view a copy of the Complaint initiating the class action, which was not filed by Schatz & Nobel, or for more information about this case, class action cases in general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy A. Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or Nancy A. Kulesa, +1-800-797-5499, , both of Schatz & Nobel Web site: http://www.snlaw.net/

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