FWHT Findwhat.Com (MM)

Shareholder Class Action Filed Against FindWhat.com, Inc. By The Law Firm of Schiffrin & Barroway, LLP RADNOR, Pa., May 9 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Middle District of Florida on behalf of all those who purchased or otherwise acquired securities of FindWhat.com, Inc. (NASDAQ:FWHT) ("FindWhat" or the "Company") between January 5, 2004 and May 4, 2005, inclusive (the "Class Period"). 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 Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges FindWhat, Craig Pisaris-Henderson, Phillip Thune, and Brenda Agius with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that FindWhat failed to appropriately recognize impairment of goodwill that accrued as a result of the Company's merger with Miva; (2) that the Company did not disclose that since January 2005, FindWhat had been actively looking for new accountants; (3) that the Company's financial results were in violation of Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal controls; and (5) that as a result of the above, the Company's financial results were materially inflated at all relevant times. On May 2, 2005, FindWhat announced that Ernst and Young LLP, the Company's accountants, were resigning. Further, the Company announced that it recorded an adjustment in its 2004 consolidated financial statements, with respect to the need to recognize an impairment of goodwill. News of this shocked the market. Share of FindWhat fell $2.04 per share or 26.32 percent on May 3, 2005, to close at $5.71 per share. On May 5, 2004, FindWhat announced that it had accepted the resignation of Brenda Agius as the Company's chief financial officer. On this news shares of FindWhat fell $1.33 per share or 21.59 percent, on May 5, 2005, to close at $4.83 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than July 5, 2005, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., Schiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706, Web site: http://www.sbclasslaw.com/

Copyright