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Press release from PR Newswire

Law Firm Announces Lawsuit Against Poseidon Concepts For Accounting Fraud - Seeks Recovery Of Losses For Shareholders

Saturday, February 16, 2013

Law Firm Announces Lawsuit Against Poseidon Concepts For Accounting Fraud - Seeks Recovery Of Losses For Shareholders07:30 EST Saturday, February 16, 2013NEW YORK, Feb. 16, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to represent shareholders of Poseidon Concepts Corp. (TSX: PSN, OTC: POOSF).  The lawsuit alleges that, among other things, Poseidon Concepts made statements that were materially false and misleading regarding Poseidon Concepts' financial position, financial performance and cash flows, overstated the company's incomes and reported inflated assets.In particular, it was announced that approximately $95 million to $106 million 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; and as a result of recording the foregoing revenues, approximately $94 million to $102 million of the Company's $125.5 million accounts receivable as at September 30, 2012 should not have been recorded in the Company's financial statements as accounts receivable. As a result, the first, second and third quarter 2012 financial statements (the "Financial Statements") will be restated and the Company advised investors that they should no longer rely on the Financial Statements.The lawsuit is brought on behalf of all persons who acquired securities of Poseidon Concepts on or prior to February 14, 2013, whether in a prospectus offering or in the secondary market.  If you purchased Poseidon securities on the U.S. or Canada markets prior to February 14, 2013, and would like to be a part of an action to recover your losses, at no cost, please contact us at:Tripp Levy Tripp Levy PLLC 125 East 82nd Street 9th Floor New York, New York Toll Free: 877-772-3975 Email: contact@tripplevy.comTripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome. Contacts Tripp Levy PLLCTripp Levy, 877-772-3975contact@tripplevy.comSOURCE Tripp Levy PLLC