Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Poseidon Concepts Corp.
April 22 2013 - 3:05PM
Business Wire
Law Offices of Howard G. Smith announces that investors of
Poseidon Concepts Corp. (“Poseidon” or the “Company”) (OTC
Markets:POOSF) 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 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.
On December 27, 2012 Poseidon 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 issued a press release announcing that Poseidon’s first,
second and third quarter 2012 financial statements should no longer
be relied upon and will be restated. In addition, the 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 Class described above, 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, or may retain counsel of your choice. If you
wish to discuss this action or learn more concerning 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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