SearchMedia f/k/a Ideation Acquisition IDI Stock Purchasers File Securities Fraud Class Action Lawsuit Complaint Against SearchMedia Holdings Over Merger.
A securities fraud class action lawsuit has been filed against SearchMedia Holdings Limited f/k/a Ideation Acquisition Corp. (“SearchMedia” or “Ideation”) and certain SearchMedia officers and/or directors (collectively “Defendants”) in the United States District Court for the Central District of California on behalf of a class consisting of all purchasers of SearchMedia common stock (symbol: IDI) during the period between April 1, 2009 and August 20, 2010, inclusive (the “Class Period”), alleging that SearchMedia f/k/a Ideation Acquisition and certain of SearchMedia’s officers and/or directors, violated federal securities fraud laws by purportedly issuing false and misleading statements in a joint proxy statement and prospectus issued in connection with an October 30, 2009 merger with SearchMedia International Limited, according to class action lawsuit news reports.
If You Have Thoughts On The SearchMedia f/k/a Ideation Acquisition Securities Fraud Class Action Lawsuit, Share Your Class Action Comments Below.