Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Poseidon Concepts Corp.
April 12 2013 - 8:48PM
Business Wire
The Law Offices of Todd M. Garber announces that investors of
Poseidon Concepts Corp. (“Poseidon” or the “Company”) (OTC
Markets:POOSF) (Toronto:PSN.TO) have until April 24, 2013 to move
the Court to serve as lead plaintiff in the securities fraud class
action lawsuit filed in the United States District Court for the
Southern District of New York. The lawsuit was filed on behalf of a
class (the “Class”) comprising all purchasers of Poseidon common
stock between May 9, 2012 and February 14, 2013, inclusive (the
“Class Period”). The Complaint alleges that Poseidon issued
materially false and misleading statements throughout the Class
Period concerning the Company’s financial performance, including
the overstatement of the Company’s revenue.
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.”
If you are a member of the above-described Class, you may move
the Court no later than April 24, 2013 to serve as lead plaintiff;
however, you must meet certain legal requirements. To be a member
of the Class you need not take any action at this time. You may
retain counsel of your choice or take no action and remain an
absent Class member. If you wish to discuss this action or have any
questions concerning this Notice or your rights or interests with
respect to these matters, please contact Todd M. Garber, Esquire,
of the Law Offices of Todd M. Garber, by telephone at 213-700-7262
or by email to info@toddgarberlaw.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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