According to the docket, on August 31, 2001, a notice of dismissal and order was signed by U.S. District Shira A. Scheindlin. The action was voluntarily dismissed without prejudice pursuant to FRCP 23(e) and 41(a). The case was closed.

The complaint alleges that certain of the executive officers and directors of PNV, together with the underwriters of the company's initial public offering misrepresented the capital and financing requirements of PNV in the prospectus distributed to investors. The complaint further alleges that the prospectus misrepresented that the proceeds of the initial public offering would be sufficient to fund PNV's rapidly expanding operations for at least eighteen months. PNV filed for bankruptcy approximately one year after the date of the initial public offering.