Schatz & Nobel, P.C. Announces Class Action Lawsuit Against FindWhat.com

Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
FindWhat.com 


HARTFORD, Conn., May 9  /PRNewswire/ -- The law firm of Schatz & Nobel, P.C.,
which has significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the Middle District of 
Florida on behalf of all persons who purchased the publicly traded securities
of FindWhat.com (NASDAQ:FWHT) ("FindWhat.com" or the "Company") between January
5, 2004 and May 4, 2005, inclusive (the "Class Period").  Also included are all
those who acquired FindWhat.com's shares through its acquisitions of Miva,
Comet Systems or Espotting Media.

The Complaint alleges that FindWhat.com and certain of its officers and
directors violated federal securities laws.  Specifically, with the completion
of the first in a series of acquisitions by FindWhat.com, the Company began to
accrue intangible assets in excess of their actual value.  FindWhat.com
disagreed with its auditor, Ernst & Young LLP, about the need to recognize an
impairment of its goodwill in connection with FindWhat.com's 2004 financial
statements.  As a result of the dispute, on May 2, 2005, Ernst & Young LLP
resigned and informed FindWhat.com of the following material weaknesses in its
system of internal control over financial reporting: (i) purchase accounting,
(ii) goodwill impairment, (iii) revenue recognition for private label
agreements and other revenue agreements, excluding those related to
FindWhat.com Network revenue, (iv) personnel resources and technical accounting
expertise, (v) quarterly and year-end financial statement close and review
process, and (vi) segregation of duties.  On May 4, 2005, FindWhat.com
announced the resignation of its CFO, Defendant Brenda Aguis.  While Defendants
had inflated FindWhat.com's stock, insiders sold 680,959 shares for proceeds of
$11,320.179.  On May 3, FindWhat.com stock plummeted $2.04 per share, or 26%
and an additional $2.33, or 38% on May 5, 2005.

If you are a member of the class, you may, no later than July 5, 2005, request
that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is
a class member that acts on behalf of other class members in directing the
litigation.  Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall recovery for
class members, including decisions concerning settlement. The securities laws
require the Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s).

For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free: [phone], or by e-mail: .  To view a
copy of the Complaint initiating the class action, which was not filed by
Schatz & Nobel, or for more information about this case, class action cases in
general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/.

  CONTACT:
   Wayne T. Boulton or Nancy A. Kulesa
   Tel.: [phone]
   Website: http://www.snlaw.net/
   e-mail: 

DATASOURCE: Schatz & Nobel, P.C.



CONTACT: Wayne T. Boulton or Nancy A. Kulesa, [phone],

, both of Schatz & Nobel



Web site:  http://www.snlaw.net/

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