SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders of Poseidon Concepts Corp. of Upcoming Deadline -- POOSF
March 28 2013 - 5:36PM
Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a
class action lawsuit against Poseidon Concepts Corp. ("Poseidon" or
the "Company") (Pink Sheets:POOSF) and certain of its officers. The
class action filed in United States District Court, Southern
District of New York, and docketed under 13-CV-1412, is on behalf
of a class consisting of all persons or entities who purchased or
otherwise acquired securities of Poseidon between May 9, 2012 and
February 14, 2013, both dates inclusive of (the "Class Period").
This class action seeks to recover damages against the Company and
certain of its officers and directors as a result of alleged
violations of the federal securities laws pursuant to Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule
10b-5 promulgated thereunder.
If you are a shareholder who purchased Poseidon securities
during the Class Period, you have until April 2, 2013 to ask the
Court to appoint you as Lead Plaintiff for the class. A copy of the
Complaint can be obtained at www.pomerantzlaw.com. To
discuss this action, contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address and telephone number.
Poseidon engages in the development and commercialization of
fluid storage and solutions to the oil and gas industry across
North America.
The Complaint alleges that throughout the Class Period, and on
November 14, 2012 Poseidon published materially false and
misleading press releases and financial statements regarding the
results of the first three quarters of 2012.
On December 27, 2012, Poseidon issued a press release announcing
the formation of a Special Committee to evaluate and resolve
various issues stemming from the Company's write-off of some of its
accounts receivable and evolving business strategy.
On February 14, 2013, Poseidon issued a press release announcing
the findings of the Special Committee, admitting that,
"approximately $95 million to $106 million (subject to detailed
quantification by the Company) of the Company's $148.1 million in
revenue for the 9 months ended September 30, 2012 should not have
been recorded as revenue in the Company's financial
statements."
In reaction to the Company's disclosure on February 14, 2013,
the Company's stock fell $0.61 per share or approximately 69%, from
its previous closing price, to close at $0.28 per share.
The Pomerantz Firm, with offices in New York, Chicago, and San
Diego, is acknowledged as one of the premier firms in the areas of
corporate, securities, and antitrust class litigation. Founded by
the late Abraham L. Pomerantz, known as the dean of the class
action bar, the Pomerantz Firm pioneered the field of securities
class actions. Today, more than 70 years later, the Pomerantz Firm
continues in the tradition he established, fighting for the rights
of the victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
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