FINDWHAT.COM (NASDAQ: FWHT) Investor Securities Class Action Lawsuit 05/06/2005

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Company Name(s): 
FINDWHAT.COM
Case Name: 
FINDWHAT.COM Shareholder Class Action Lawsuit 05/06/2005
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: FWHT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/06/2005
Class Period Begin: 
02/23/2005
Class Period End: 
05/04/2005
Court of Filing: 
U.S. District Court for the Middle District of Florida
Deadline To File for Lead: 
07/08/2005
Date Settled: 
09/15/2014
Settlement Amount: 
$2,400,000
Deadline to Participate in Settlement: 
09/05/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

September 23, 2015 - The court ordered the authorization of the distribution of the net settlement fund.

September 15, 2014 - The court approved the settlement.

May 22, 2014 - The court preliminarily approved the settlement.

May 14, 2014 - Parties filed a stipulation of settlement.

December 15, 2009 - All plaintiffs filed a notice of appeal.

December 7, 2009 - The court ordered the case dismissed with prejudice.

November 16, 2009 - The court entered judgment in favor of the defendants.

February 15, 2008 - Having partially granted the motion for reconsideration, the court granted in part and denied in part the defendants motion to dismiss, dismissing the claims of two defendants.

July 17, 2007 - The court granted in part and denied in part the motion for reconsideration.

May 3, 2007 - The lead plaintiffs filed a conforming amended consolidated complaint.

March 29, 2007 - The defendants filed a motion for reconsideration.

March 15, 2007 - The court granted in part and denied in part the defendants' motion to dismiss.

February 9, 2006 - The defendants filed a motion to dismiss.

January 17, 2006 - The lead plaintiffs filed an amended consolidated complaint.

December 28, 2005 - The court granted the defendants' motion to dismiss and granted plaintiff leave to file an an amended complaint.

September 8, 2005 - The defendants filed a motion to dismiss.

August 16, 2005 - The lead plaintiffs filed a consolidated complaint on behalf of investors who purchased FINDWHAT.COM (NASDAQ: FWHT) common shares between September 3, 2003 and May 4, 2005. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 3, 2003 and May 4, 2005.

July 27, 2007 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

July 5, 2005 - A lead plaintiff motion was filed.

June 13, 2005 - The defendants filed a motion to dismiss.

May 17, 2005 - An additional investor filed a complaint.

May 16, 2005 - An additional investor filed a complaint.

May 9, 2005 - Another investor filed a complaint.

May 6, 2005 - An investor in shares of FINDWHAT.COM (NASDAQ: FWHT) filed a lawsuit in the U.S. District Court for the Middle District of Florida against FINDWHAT.COM over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 5, 2004 and May 4, 2005.

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.

In 2004, FINDWHAT.COM acquired Espotting Media, a European pay per click network; Comet Systems, a desktop and consumer software company; and MIVA Corporation, a supplier of ecommerce software and services to small businesses.

On June 6, 2005, FINDWHAT.COM changed its name to MIVA Inc. The stock changed from (NASDAQ; FWHT) to (NASDAQ; MIVA). As part of this rebrand the company’s pay per click networks (FINDWHAT.COM in the U.S. and Espotting Media in Europe) rebranded to MIVA Media; MIVA Corporation rebranded to MIVA Small Business; and Comet Systems rebranded to MIVA Direct.
In 2007, MIVA Inc completed the sale of MIVA Small Business. 2007 was also the year when MIVA Inc launched the ALOT product portfolio.
In 2009, MIVA Inc completed the asset sale of its MIVA Media ad network to Adknowledge Inc, leaving MIVA Direct as its sole continuing operation. Following the sale of MIVA Media, MIVA Inc rebranded to Vertro Inc and changed its ticker symbol from (NASDAQ: MIVA) to (NASDAQ: VTRO). As part of this rebrand, the MIVA Direct division was rebranded to ALOT Inc.