Seaview Video Technology Inc. Securities Litigation

On May 17, 2001, a class action was filed in this Court entitled Scheuer v. SeaView Video Technology, Inc., et al., Case No. 8:01-CV-957-T-26EAJ, on behalf of the named plaintiff and all others similarly situated. Subsequently, other similar class actions were filed. By order of the Court, these various class actions were consolidated on July 24, 2001 under the caption In re SeaView Video Technology, Inc. Securities Litigation, Case No. 01-CV-957-T-26EAJ. Plaintiffs in the Action filed a Consolidated Amended Complaint on December 17, 2001 (the "Complaint"). 11. The Complaint asserts claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t, and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission, 17 C.F.R. 240.10b-5, and violations of state law (the "Class Claims"). The Class Claims contained in the Complaint were asserted on behalf of all persons and entities who purchased the common stock of SeaView from March 30, 2000 through March 19, 2001, inclusive (the "Class Period").

The Class Claims relate primarily to the alleged artificial inflation of SeaView's stock price during the Class Period, which was allegedly caused by SeaView's issuance of false financial statements. On April 16, 2001, SeaView announced that it would restate its financial results for its second and third fiscal quarters of 2000. Plaintiffs allege that as a result of SeaView's dissemination of allegedly false and misleading statements relating to its financial condition during the Class Period, the market price of SeaView's common stock was artificially inflated, thereby causing damages to Class Members.

The Defendants have each vigorously denied all liability and all allegations of wrongdoing in the Action and have denied, and continue to deny, that they are liable to the Plaintiffs or the Class. Defendants have not conceded any infirmity in the defenses they had intended to assert in the Action, nor have they waived any such defenses.

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