Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Poseidon Concepts Corp.
April 05 2013 - 8:49PM
Business Wire
Glancy Binkow & Goldberg LLP announces that 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”), have until
April 24, 2013 to file a motion with the Court to be appointed as
lead plaintiff. The shareholder lawsuit was filed in the United
States District Court for the Southern District of New York.
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 the Company and certain of its executive officers
issued materially false and misleading statements regarding 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.”
If you purchased Poseidon common stock during the Class Period,
you have until April 24, 2013 to move the Court to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the Class you need not take action at this time; you
may retain counsel of your choice or take no action and remain an
absent Class member. To learn more about this action, or if you
have any questions concerning this Notice or 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.
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