Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against SeaView Video Technology, Inc.Business Editors, Legal Writers TAMPA, Fla.--(BUSINESS WIRE)--May 17, 2001 The following notice is issued by the law firm of Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C., on behalf of its client, who filed a class action today in the United States District Court for the Middle District of Florida The United States District Court for the Middle District of Florida serves the residents of thirty-five counties from eight courthouses. The counties are: Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, De Soto, Duval, Flagler, Glades, Hamilton, Hardee, , Tampa Division, on behalf of purchasers of SeaView Video Technology, Inc. (Nasdaq:SEVU.OB) during the period between March 30, 2000 and March 19, 2001, inclusive, Civil Action No. 8:01-CV-957-T-26 EAJ EAJ Eusko Alderdi Jeltzalea (Basque Nationalist Party) EAJ Environment Agency of Japan EAJ Engineering Academy of Japan Inc EAJ Eat At Joes and which has been assigned to the Honorable Richard A. Lazzara. The complaint alleges that defendants SeaView Video Technology Inc. and Richard McBride, President and Chief Executive Officer of SeaView during the Class Period, violated Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder, by issuing a series of material misrepresentations to the market concerning, inter alia [Latin, Among other things.] A phrase used in Pleading to designate that a particular statute set out therein is only a part of the statute that is relevant to the facts of the lawsuit and not the entire statute. , 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 Gross Sales A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge. of $46 million in 2000, yet gross sales ended up being slightly over $1 million. In addition, on March 19, 2001, the Company announced that 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. The plaintiff's counsel -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, Washington, and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and is active in major litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. pending in federal and state courts throughout the nation. You may visit the firm's website at www.cmht.com. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. If you purchased shares of SeaView Video Technology, Inc. during the Class Period, you may move the Court no later than July 16, 2001 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Steven J. Toll, Esq. Robert M. Smits Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue The following roads are named New York Avenue:
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