[FONT=Verdana]Hi SEORajesh and welcome to the forums.
How many sites are involved and are they all linked to each other?
Simply changing your content will not help, unless you have also improved the quality of it. Google has no reason to rank your sites at all, unless it considers that the content is unique and useful. If you are sure that you have improved the quality of your content, then I think you’ll just need to be patient and wait for Google to crawl your sites again and re-evaluate them.
The good news: it can take quite a while for all sites to be re-indexed after a major update, so it is possible your rankings will improve without doing anything at all.
The bad news: too many websites are actually of fairly poor quality with little useful content and high ranking was due to blackhat. From you question, I suspect that your ranking was more due to loads of fake links, than content quality.
As far as I know, EMD algorithm penalized only if you are focusing the targeted keyword which is same in your domain name again and again. So, better you check your back links and try to eliminate all the low quality backlinks and try to promote your website with some other keywords and make variation in your targeted keywords .