SOURCE: Brower Piven, A Professional Corporation

September 24, 2010 12:20 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in SearchMedia Holdings Limited to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 15, 2010 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - September 24, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of SearchMedia Holdings Limited, formerly Ideation Acquisition Corp., ("SearchMedia" or the "Company") (NYSE Amex: IDI) during the period between April 1, 2009 and August 20, 2010, inclusive (the "Class Period").

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that SearchMedia International Limited ("SMIL") was improperly recognizing revenue; that certain of SMIL's accounts receivable related to sales generated primarily in the in-elevator business were uncollectible, that, as a result, SMIL's financial results were overstated; that SMIL's financial results were not prepared in accordance with Generally Accepted Accounting Principles; that SMIL lacked adequate internal and financial controls; and as a result of the above, SMIL's financial statements were materially false and misleading at all relevant times.

After, 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, that the financial statements from these periods can no longer be relied upon and that SearchMedia estimated that SMIL's revenue in 2007 and 2008 had been overstated by approximately $6 million and $25 million, respectively, the value of SearchMedia's stock declined significantly.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 15, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

If you have suffered a net loss for all transactions in common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact