Press release from Business Wire
Law Offices of Todd M. Garber Announces Investigation of Poseidon Concepts Corp.
Saturday, March 16, 2013
Law Offices of Todd M. Garber Announces Investigation of Poseidon Concepts Corp.05:00 EDT Saturday, March 16, 2013 LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber announces that it is investigating potential claims on behalf of purchasers of the securities of Poseidon Concepts Corp. (“Poseidon” or the “Company”) (TSX: PSN) (OTC: POOSF) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Poseidon between May 9, 2012 and February 14, 2013 were false and misleading regarding the Company's financial performance. Poseidon, together with its subsidiaries, engages in renting out tanks that store fluids used in shale drilling, which are primarily used in well completion operations in the oil and natural gas industry in western Canada and the United States. The investigation is related to Poseidon's December 27, 2012 announcement that the Company 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.” In addition, on February 14, 2013 the Company announced that Poseidon's first, second, and third quarter 2012 financial statements will be restated and “all previous guidance with respect to the Company's business should no longer be relied upon.” If you purchased Poseidon common stock between February 9, 2012 and February 14, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Law Offices of Todd M. GarberTodd M. Garber, Attorney at LawLos Angeles, California213email@example.com