Findwhat.com, inc. Issues Statement in Response to Shareholder Class Action LawsuitsFindwhat.com, inc. Issues Statement in Response to Shareholder Class Action Lawsuits“We are entirely comfortable with the appropriateness and completeness of our disclosures and the actions of our executives and directors in the performance of their duties for FindWhat.com, and we believe the claims should be dismissed,” said Craig Pisaris-Henderson, chairman and chief executive officer of FindWhat.com, Inc. The Company stated that the litigation is a classic example of the type of suit Congress sought to prevent in passing the Private Securities Litigation Reform Act of 1995. The Reform Act is designed to combat meritless securities suits, which are often based on little more than a drop in stock price. Congress also intended for the Reform Act to give companies targeted for such lawsuits a better chance of obtaining dismissal at an early stage. That Congressional intent has led to a higher percentage of early dismissals. The Company expects to instruct its counsel to seek dismissal under the Reform Act. About FindWhat.com, Inc.® FindWhat.com creates and offers proprietary performance-based marketing and commerce enabling services that help businesses of all sizes throughout the business cycle in reaching prospects, converting prospects to customers and then retaining those customers. Its marketing division creates online marketplaces where buyers are introduced to sellers at exactly the right moment, when they are searching for products and services on the Internet; this introduction is based on a bid-for-position, Pay-Per-Click or Pay-Per-Call (US only), keyword-targeted advertising service. FindWhat.com offers this service directly to advertisers through the FindWhat.com Network™ in the U.S., the Espotting Network in Europe and offers a private label version of this service to large companies and portals worldwide, including Lycos and Mitsui & Co., Ltd. FindWhat.com also operates a merchant services division which includes Miva®, a leading online platform of software and services for small to medium-sized enterprises (SMEs). With its easy-to-use, highly customizable and integrated browser-based point and click business creation software and a vast partner network, Miva is focused on helping to create and enhance online business and marketing services for SMEs. Additionally, FindWhat.com has a primary traffic division, currently offered through Comet Systems, a leading provider of connected desktop consumer software. More information about FindWhat.com is available on the Company’s website at http://www.FindWhat.com. Forward Looking Statements This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "plan," "intend," "believe" or "expect'" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including without limitation (1) the outcome of any litigation brought against us, (2) our ability to have claims brought against us dismissed, (3) the time, resources and costs associated with defending ourselves and certain of our officers and directors against such actions, and (4) the merits of recent claims brought against us. Additional key risks are described in FindWhat.com's reports filed with the U.S. Securities and Exchange Commission, including the Form 10-K/A for fiscal 2004, and the most recently filed quarterly report on Form 10-Q. FindWhat.com undertakes no obligation to update the information contained herein. ®Registered trademark of FindWhat.com, Inc. ™Trademark of FindWhat.com, Inc. All other trademarks property of their respective owners. Source: Wired News |