PowerLinx Inc (PWNX)

[MMMARY]

You think SEVU did nothing wrong?

SEAVIEW VIDEO TECHNOLOGY, INC. (OTC Bulletin Board: SEVU - news; Class Period: 03/30/00 -03/19/01). The complaint charges SeaView and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the Complaint alleges that during the Class Period, SeaView, a provider of marine, medical and security-related video equipment, and Richard L. McBride, President and Chief Executive Officer of SeaView, made numerous materially false and misleading statements, concerning, among other things, SeaView's reported revenues for the second and third quarter of 2000 as well as expected revenue for the Year 2000, the demand for SeaView's products, and SeaView's ability to manufacture sufficient product to meet the purported demand. Furthermore, the Complaint alleges that SeaView and McBride failed to disclose that the Company recognized revenue for non-existent sales. As alleged in the Complaint, on March 19, 2001, SeaView revealed, in a Form 8-K filed with the SEC, that its financial results for the second and third quarters of 2000 were materially false. On April 16, 2001, in its Form 10-K filed with the SEC, Sea View confirmed that was restating its financial results for those periods. The complaint was filed in the U.S. District Court for the Middle District of Florida. The lead plaintiff motion must be filed no later than July 16, 2001.



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Just say NO to stock fraud!