Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses
Investing In Poseidon Concepts Corp. To Contact The Firm
NEW YORK, March 1, 2013
NEW YORK, March 1, 2013 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading
national securities law firm, is investigating potential securities fraud at
Poseidon Concepts Corp. ("Poseidon Concepts" or the "Company") (OTC Markets:
The investigation focuses on whether the Company and its executives violated
federal securities laws by failing to disclose that: (1) Poseidon Concepts
had incorrectly inflated Company revenues by approximately $100 million in its
financial statements; (2) the Company would need to write-off a large part of
its accounts receivable; and (3) Poseidon Concepts' first, second and third
quarter 2012 financial statements and guidance would need to be restated and
could not be relied upon by investors.
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." Then, on February 14, 2013, the
Company announced that Poseidon Concepts' first, second and third quarter 2012
financial statements should no longer be relied upon and would have to be
restated. The Company also revealed that its previous guidance could no
longer be relied upon.
Request more information now by clicking here: www.faruqilaw.com/POOSF. There
is no cost or obligation to you.
If you invested in Poseidon Concepts stock or options between May 9, 2012 and
February 14, 2013 and would like to discuss your legal rights, visit
www.faruqilaw.com/POOSF. You can also contact us by calling Richard Gonnello
or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by
sending an e-mail to firstname.lastname@example.org or email@example.com.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Poseidon Concept's conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter. We welcome the
opportunity to discuss your particular case. All communications will be
treated in a confidential manner.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
SOURCE Faruqi & Faruqi, LLP
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