Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Poseidon Concepts Corp.
March 26 2013 - 7:30PM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”)
comprising all purchasers of the common stock of Poseidon Concepts
Corp. (“Poseidon” or the “Company”) (OTC Markets:POOSF)
(Toronto:PSN.TO) between May 9, 2012 and February 14, 2013.
The Complaint alleges that throughout the Class Period Poseidon
issued materially false and misleading statements concerning the
Company’s financial performance, including the overstatement of the
Company’s revenue and earnings by more than 200 percent.
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. …[which] includes the review and assessment of the
Company’s business processes and controls.”
Then, on February 14, 2013 the Company announced that Poseidon’s
first, second and third quarter 2012 financial statements should no
longer be relied upon and will be restated. In addition, the
Company-issued press release stated that “the Company advises that
all previous guidance with respect to the Company's business should
no longer be relied upon.”
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain
one. If you purchased Poseidon common stock during the Class
Period, you have certain rights, and have until April 24, 2013 to
move for lead plaintiff status. To be a member of the class you
need not take any action at this time, and you may retain counsel
of your choice. If you wish to discuss this action or have any
questions concerning your rights or interests with respect to these
matters, please contact Michael Goldberg, Esquire, of Glancy Binkow
& Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, by telephone at (310) 201-9150, Toll
Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Poseidon Concepts (CE) (USOTC:POOSF)
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