Investor Sues FindWhat.com, Inc. for Stock Fraud, Berman DeValerio Pease Tabacco Burt & Pucillo Announces WEST PALM BEACH, Fla., June 7 /PRNewswire/ -- An investor sued FindWhat.com, Inc. ("FindWhat.com" or the "Company") (NasdaqNM: FWHT) today, claiming that the Company issued materially false and misleading financial statements to the investing public. Berman DeValerio Pease Tabacco Burt & Pucillo (http://www.bermanesq.com/) filed the class action in the U.S. District Court for the Middle District of Florida. The lawsuit seeks damages for violations of federal securities laws on behalf of all investors who purchased FindWhat.com common stock from January 5, 2004 through and including, May 4, 2005 (the "Class Period"). To receive a copy of the complaint, you may contact the court, call the firm at (561) 835-9400 or go to http://www.bermanesq.com/pdf/Findwhat-Cplt.pdf. The lawsuit claims that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including U.S. Securities and Exchange Commission ("SEC") Rule 10b-5. On May 2, 2005, FindWhat.com announced that it had disagreed with its independent auditors, Ernst & Young LLP about the need to record an adjustment to recognize an impairment of goodwill in connection with the Company's acquisition of Miva Corporation. FindWhat.com also disclosed that, even though the Company recorded the adjustment, Ernst & Young resigned and that Ernst & Young identified material weaknesses with respect to the Company's internal controls over financial reporting, the complaint says. Following these revelations, FindWhat.com's shares fell from its closing price of $7.75 on May 2, 2005, to close at $5.71 on May 3, 2005. Then on May 5, 2005, FindWhat.com announced that the Company's Chief Financial Officer had resigned. The Company also revealed that it had been interviewing public accounting firms since January 2005, with a view towards replacing Ernst & Young as the Company's independent auditors. On this news, FindWhat.com shares fell an additional 20% to close at $4.83 per share. On June 6, 2005, FindWhat.com announced the Company will change its name to Miva, Inc., and the Company's ticker symbol will change to NASDAQ: "MIVA," on June 13, 2005. If you purchased FindWhat.com common stock from January 5, 2004 through and including May 4, 2005 you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests. Michael J. Pucillo, Esq. Wendy H. Zoberman, Esq. Marc J. Greenspon, Esq. 222 Lakeview Avenue, Suite 900 West Palm Beach, FL 33401 (561) 835-9400 If you wish to apply to be lead plaintiff in this action, a motion on your behalf must be filed with the court no later than July 5, 2005. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, or you may submit information online at http://www.bermanesq.com/Securities/Signup1.asp?caseid=550. Please note, you may also retain counsel of your choice and need not take any action at this time to be a class member. Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud. Contact: Marc J. Greenspon, Esq. at (561) 835-9400 DATASOURCE: Berman DeValerio Pease Tabacco Burt & Pucillo CONTACT: Marc J. Greenspon, Esq. of Berman DeValerio Pease Tabacco Burt & Pucillo, +1-561-835-9400 Web site: http://www.bermanesq.com/

Copyright