Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From
Investment in Poseidon Concepts Corp. Inc. to Inquire About the Lead Plaintiff
Position in Securities Fraud Class Action Lawsuit Before the April 24, 2013
Lead Plaintiff Deadline -- POOSF
STEVENSON, Md., Feb. 27, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional
Corporation announces that a class action lawsuit has been commenced in the
United States District Court for the Southern District of New York on behalf
of purchasers of Poseidon Concepts Corp. ("Poseidon Concepts" or the
"Company") (OTC:POOSF) common stock during the period between May 9, 2012 and
February 14, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Poseidon Concepts Corp.
common stock purchased on or after May 9, 2012, and held through February 14,
2013, you may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at firstname.lastname@example.org, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action.Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead
plaintiff.If you wish to choose counsel to represent you and the Class, you
must apply to be appointed lead plaintiff no later than April 24, 2013 and be
selected by the Court.The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a settlement
and how much of a settlement to accept for the Class in the action. The lead
plaintiff will be selected from among applicants claiming the largest loss
from investment in the Company during the Class Period.You are not required
to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants' failure to disclose during the Class
Period that the Company had significantly overstated its revenue, financial
performance and cash flows for the first, second, and third quarters of
2012.According to the Complaint, following Poseidon Concepts' November 14,
2012 disclosure that its third quarter 2012 financial results were below
market expectations and the Company's February 14, 2013 disclosure that the
Company's financials for the 9 months ending September 30, 2012 included
highly inflated revenues and accounts receivables, that the Company's 2012
first, second, and third quarter financial statements would have to restated
and that the Company's previous guidance was unreliable, the value of Poseidon
Concepts shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice.You
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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