Waves did all this to me and when I found out about it I raised a big stink. It ended with me, an exec from Waves in Israel and the President of Ban Piracy all having a nice three way chat. (Note: Never mess with someone that has all the equipment needed to make high quality video and would love to share "his story")
I very much disagreed with their methods but two very valid facts remain.
First, Waves has a right to be paid for their software. You use it, you buy it.
Second, 1/2 of the facilities where I live were busted (I got this tidbit from the President of Ban Piracy) and the final result was that several of my competitors closed up shop.
I'm actually sick and tired of every other person with a hacked version of Logic and the Waves Platinum Bundle calling themselves a studio. Of course they could undercut the rest of us because they were not paying for their "equipment" like the rest of us.
I have no sympathy for these people, none whatsoever.