Federman & Sherwood Announces That a Securities Class Action Lawsuit Was Filed Against FindWhat.com

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
   [phone]/FAX: [phone]
   mail to: 
   http://www.federmanlaw.com/

DATASOURCE: Federman & Sherwood



CONTACT:  William B. Federman of Federman & Sherwood, [phone], or

fax, [phone], or  



Web site:  http://www.federmanlaw.com/ 

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