Lerach Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit Against Greenfield Online Inc

Business Wire, July 24, 2007

NEW YORK -- Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http://www.lerachlaw.com/cases/greenfield/) today announced that a class action lawsuit has been commenced on behalf of an institutional investor in the United States District Court for the District of Connecticut on behalf of purchasers of Greenfield Online Inc. ("Greenfield Online" or the "Company") (NASDAQ: SRVY) common stock between February 9, 2005 and September 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").

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/greenfield/. 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 Greenfield Online and certain of its officers and directors with violations of the Exchange Act. The Company provides Internet survey and comparison shopping solutions primarily in North America and Europe. According to the complaint, Defendants issued a series of materially false and misleading statements concerning Greenfield Online, its business, operations and prospects. Unbeknownst to shareholders, the true facts were (i) that the Company was experiencing several adverse trends in its core business which were negatively impacting its revenues and earnings and causing the Company to miss its internal performance expectations; (ii) that the Ciao AG acquisition was not a success as Ciao AG was not performing according to expectations; and (iii) that the Company was materially overvaluing Ciao AG and should have, but did not, write down the value of Ciao AG on its financial statements by tens of millions of dollars. As a result, the Company lacked a reasonable basis for their positive statements concerning the Company's earnings, prospects and financial results.

On August 9, 2005, after the markets closed, Greenfield Online announced that it was lowering its outlook on fiscal 2005. Upon this news, on the next trading day, shares of the Company's stock fell $3.31 per share, or 27%, to close at $8.94 per share, on heavy trading volume. Then, on September 29, 2005, the Company, for the second time, lowered its outlook for the 2005 third quarter and fiscal year. Moreover, the Company announced that defendant Dean A. Wiltse, the Company's President and Chief Executive Officer, had left the Company. In reaction to this announcement, shares of the Company's stock fell $1.53 per share, or over 20%, to close at $5.44 per share, on heavy trading volume.

Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of Greenfield Online between February 9, 2005 and September 30, 2005. 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 180-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 $45 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.