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Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Mamma.com Inc.

NEW YORK -- Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http://www.lerachlaw.com/cases/mamma/) today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Mamma.com Inc. ("Mamma.com") (NASDAQ:MAMA) publicly traded securities during the period between March 2, 2004 and February 15, 2005 (the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Samuel H. Rudman or David A. Rosenfeld of Lerach Coughlin at 800/449-4900 or 619/231-1058, or via e-mail at wsl@lerachlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/mamma/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Mamma.com and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Mamma.com provides information retrieval on the Internet through its metasearch engine www.mamma.com. The Company is focused on being a provider of online marketing solutions to advertisers.

The complaint alleges that during the Class Period, defendants caused Mamma.com's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, Mamma.com was able to complete a private offering, raising proceeds of $16.6 million on the sale of stock and warrants in June 2004.

On February 16, 2005, the Company issued a press release announcing that "it has been unable to reach an agreement on the terms of the audit engagement with PricewaterhouseCoopers LLP ("PWC") for the year ended December 31, 2004. Accordingly, PWC will not act as the Company's independent auditor for the audit of the Company's financial statements for the year ended December 31, 2004.... As a result of these developments, it is unlikely that the Company will file its audited financial statements for the year ended December 31, 2004 and related disclosures within the timeframe prescribed by Canadian securities rules." The stock dropped below $4 per share on this news.

Plaintiff seeks to recover damages on behalf of all purchasers of Mamma.com publicly traded securities during the Class Period (the "Class"). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Lerach Coughlin, a 140-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston, Philadelphia and Seattle, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $20 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.
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Publication:Business Wire
Date:Feb 23, 2005
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