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Case Status:    SETTLED
On or around 05/05/2003 (Date of order of final judgment)

Filing Date: May 17, 2001

As reported by the Company’s FORM 10-Q for the quarterly period ended March 31, 2005, on December 17, 2002, the Joint Motion for Preliminary Approval of Settlement and the Amended Stipulation of Settlement was filed with the United States District Court of Florida, and approved by the residing justice. In the settlement, the Company will issue 6,000,000 shares of common stock to the class participants. There were no significant amendments to the nature or terms of the Stipulation. The actual liability, based on the value of the Company's stock as December 17, 2002, was $300,000 plus an estimated $125,000 in legal fees. The Company recorded its revised estimate of the liability in the fourth quarter and has disclosed this 2002 fourth quarter adjustment in the financial statements. On May 2, 2003, the United States District Court of Florida, through issuance of its Order and Final Judgment, approved the settlement.

According to the docket, on December 17, 2001, the plaintiffs filed an amended complaint, and on February 15, 2002, the defendants responded with a motion to dismiss the consolidated amended class action complaint. On May 15, 2002, the Court entered the Order by U.S. District Richard A. Lazzara denying the motion to dismiss consolidated amended class action complaint. On November 5, 2002 a Stipulation of Settlement was filed.

The original complaint charges defendants SeaView Video Technology, Inc. and the President and Chief Executive Officer of SeaView with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The complaint alleges the company issued a series of material misrepresentations to the market concerning, SeaView's expected revenue for 2000, its reported revenue for the second and third quarter of 2000, the demand for its products, and its ability to manufacture sufficient product to meet the purported demand. Specifically, defendants had led the market to believe SeaView would have gross sales of $46 million in 2000, yet gross sales ended up being slightly over $1 million. In addition, on March 19, 2001, the Company announced it had determined that there were inaccuracies in its financial statements for the quarters ended June 30, 2000 and September 30, 2000 with regard to recognition of revenue as related to certain purchase orders. The restated revenue for those two quarters reduced revenue from $4 million collectively to approximately $550,000.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Audio & Video Equipment
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SEVU
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


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In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Florida
DOCKET #: 01-CV-00957
JUDGE: Hon. Richard A. Lazzara
DATE FILED: 05/17/2001
CLASS PERIOD START: 03/30/2000
CLASS PERIOD END: 03/19/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
  2. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 01-CV-00957
JUDGE: Hon. Richard A. Lazzara
DATE FILED: 12/17/2001
CLASS PERIOD START: 03/30/2000
CLASS PERIOD END: 03/19/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohen Milstein Hausfeld & Toll PLLC (Seattle WA)
    701 Fifth Avenue, Suite 6860, Cohen Milstein Hausfeld & Toll PLLC (Seattle WA), WA 98014
    206.521.0080 206.521.0166 · lawinfo@cmht.com
No Document Title Filing Date