Wechsler Harwood Halebian & Feffer LLP Files Class Action Suit Against SeaView Video Technology, Inc.
PRNewswire
NEW YORK
Jun 26, 2001
Wechsler Harwood Halebian & Feffer LLP has filed a class action lawsuit in the United States District Court for the Middle District of Florida, Tampa Division, on behalf of purchasers of SeaView Video Technology, Inc. (OTC: SEVU.OB) (BULLETIN BOARD: SEVU.OB) during the period between March 30, 2000 and March 19, 2001, inclusive.
The complaint alleges that defendants SeaView Video Technology, Inc. and Richard McBride, President and Chief Executive Officer of SeaView during most of the Class Period, violated Section 10(b) of the Securities Exchange Act of 1934 (``Exchange Act') and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market concerning, among other things, 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, the class alleges, defendants had led the market to believe SeaView would have gross sales of up to $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.
Plaintiff is represented by Wechsler Harwood Halebian & Feffer LLP. If you are a member of the class described above, you have until July 16, 2001, to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4). 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.
Wechsler Harwood Halebian & Feffer LLP has significant experience in prosecuting investor class actions and actions involving financial fraud. You may visit the firm's website at http://www.whhf.com/.
If you have any questions about this notice or the action, or with regard to your rights, please contact:
Wechsler Harwood Halebian & Feffer LLP
488 Madison Avenue 8th Floor
New York, NY 10022
Patricia Guiteau, pguiteau@whhf.com - 877-935-7400 ext. 232
SOURCE: Wechsler Harwood Halebian & Feffer LLP
Contact: Patricia Guiteau of Wechsler Harwood Halebian & Feffer LLP,
pguiteau@whhf.com, 877-935-7400, ext. 232
Website: http://www.whhf.com/