updated 9/16/2010 2:16:32 AM ET 2010-09-16T06:16:32

NEW YORK, Sept. 15, 2010 (GLOBE NEWSWIRE) -- The Rosen Law Firm today announced that a class action lawsuit has been filed on behalf all purchasers of the common stock of SearchMedia Holdings Limited (formerly, Ideation Acquisition Corp.) ("SearchMedia" or "Ideation" or the "Company") (AMEX:IDI) during the period from April 1, 2009 to August 20, 2010, inclusive (the "Class Period").

To join the class action, go to the website at: http://www.rosenlegal.com or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653. You may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.

The Complaint asserts that defendants made materially false and misleading statements, in connection with Ideation's merger with SearchMedia International Limited ("SMIL"). Ideation was a blank check company formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition or other similar business combination, one or more businesses. Particularly, the Complaint alleges that defendants made materially false and misleading statements and/or failed to disclose that: (1) SMIL was improperly recognizing revenue; (2) certain of SMIL's accounts receivable related to sales generated primarily in the in-elevator business were uncollectible, (3) SMIL's financial results during the Class Period were materially overstated; (4) SMIL's financial results were not prepared in accordance with Generally Accepted Accounting Principles; (5) SMIL lacked adequate internal and financial controls; and (6) as a result of the above, SMIL's financial statements were materially false and misleading at all relevant times. The Complaint asserts that when the market learned of this adverse news on August 20, 2010, the price of the Company's stock dropped damaging investors.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT.

If you wish to serve as lead plaintiff, you must move the Court no later than November 15, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.   If you wish to join the class action or to discuss your ability to recover your investment losses, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll-free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.   You may also join the class action at our website, www.rosenlegal.com .

The Rosen Law Firm focuses its law practice on prosecuting securities fraud litigation and furthering shareholder rights and has extensive experience in actions involving financial fraud. 

Attorney Advertising. Prior results do not guarantee a similar outcome.

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