Law Firm Announces Lawsuit Against Poseidon Concepts For Accounting Fraud -
Seeks Recovery Of Losses For Shareholders
NEW YORK, Feb. 16, 2013
NEW 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 thesecondary 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 PLLC
125 East 82^nd Street
New York, New York
Toll Free: 877-772-3975
Tripp 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.
Tripp Levy PLLC
Tripp Levy, 877-772-3975
SOURCE Tripp Levy PLLC
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