Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Poseidon Concepts Corp.
March 29 2013 - 8:17PM
Business Wire
Law Offices of Howard G. Smith 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 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, inclusive (the “Class Period”).
Poseidon, together with its subsidiaries, engages in renting
fracturing fluid handling tanks primarily used in well completion
operations in the oil and natural gas industry in western Canada
and the United States. 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.”
Following this news, the price of Poseidon stock dropped
approximately 69%, or $0.61 per share from the previous day’s
closing price, to close at $0.28 per share on February 14,
2013.
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 this Notice or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll
Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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