NEW YORK, March 1, 2013 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, is
investigating potential securities fraud at Poseidon Concepts Corp.
("Poseidon Concepts" or the "Company") (OTC Markets: POOSF).
(Logo:
http://photos.prnewswire.com/prnh/20120119/MM38856LOGO)
The investigation focuses on whether the Company and its
executives violated federal securities laws by failing to disclose
that: (1) Poseidon Concepts had incorrectly inflated Company
revenues by approximately $100
million in its financial statements; (2) the Company would
need to write-off a large part of its accounts receivable; and (3)
Poseidon Concepts' first, second and third quarter 2012 financial
statements and guidance would need to be restated and could not be
relied upon by investors.
On December 27, 2012 the Company
announced that it had established a Special Committee of the Board
of Directors to review and address "various issues arising from the
recent write-off of certain accounts receivable and the evolving
business plan of the Company." Then, on February 14, 2013, the Company announced that
Poseidon Concepts' first, second and third quarter 2012 financial
statements should no longer be relied upon and would have to be
restated. The Company also revealed that its previous
guidance could no longer be relied upon.
Request more information now by clicking here:
www.faruqilaw.com/POOSF. There is no cost or obligation to
you.
Take Action
If you invested in Poseidon Concepts stock or options between
May 9, 2012 and February 14, 2013 and would like to discuss your
legal rights, visit www.faruqilaw.com/POOSF. You can also
contact us by calling Richard
Gonnello or Francis
McConville toll free at 877-247-4292 or at 212-983-9330 or
by sending an e-mail to rgonnello@faruqilaw.com or
fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also
encourages anyone with information regarding Poseidon Concept's
conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP
(www.faruqilaw.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
We welcome the opportunity to discuss your particular case.
All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP