FWHT Findwhat.Com (MM)

Federman & Sherwood Announces That a Securities Class Action Lawsuit Was Filed Against FindWhat.com OKLAHOMA CITY, May 9 /PRNewswire/ -- On April 9, 2005, the class action lawsuit was filed in the United States District Court Middle District of Florida against FindWhat.com (NASDAQ:FWHT). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from January 5, 2004 through May 4, 2005. Specifically, the Company had a dispute with its outside auditor, Ernst & Young LLP, regarding purchase accounting, goodwill impairment, revenue recognition for private label agreements and other revenue agreements, excluding those related to FindWhat.com Network revenue, personnel resources and technical accounting expertise, quarterly and year-end financial statement close and review process, and segregation of duties. The accounting firm resigned as a result of this dispute. Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than July 5, 2005, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. If you wish to discuss this action, participate in this suit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: William B. Federman FEDERMAN & SHERWOOD 120 N. Robinson, Suite 2720 Oklahoma City, OK 73102 (405) 235-1560/FAX: (405) 239-2112 mail to: http://www.federmanlaw.com/ DATASOURCE: Federman & Sherwood CONTACT: William B. Federman of Federman & Sherwood, +1-405-235-1560, or fax, +1-405-239-2112, or Web site: http://www.federmanlaw.com/

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