Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Poseidon Concepts Corp.
Friday, April 05, 2013
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Poseidon Concepts Corp.20:49 EDT Friday, April 05, 2013
LOS ANGELES (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 email@example.com, or visit our website at http://www.glancylaw.com.
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Glancy Binkow & Goldberg LLP, Los Angeles, CA
(310) 201-9150 or (888) 773-9224