Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Poseidon Concepts Corp.

  Law Offices of Howard G. Smith Announces Class Action Lawsuit Against
  Poseidon Concepts Corp.

Business Wire

BENSALEM, Pa. -- March 30, 2013

Law Offices of Howard G. Smith announces that a class action lawsuit has been
filed in the United States District Court for the Southern District of New
York on behalf of all 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”).

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 Poseidon issued materially false and
misleading statements concerning 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 aSpecial
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.”

Following this news, the price of Poseidon stock dropped approximately 69%,or
$0.61 per share from the previous day’s closing price, to close at $0.28 per
share on February 14, 2013.

No class has yet been certified in this action. Until a class is certified,
you are not represented by counsel unless you retain one. If you purchased
Poseidon common stock during the Class Period, you have certain rights, and
have until April 24, 2013 to move for lead plaintiff status. To be a member of
the class you need not take any action at this time, and you may retain
counsel of your choice. If you wish to discuss this action or have any
questions concerning this Notice or your rights or interests with respect to
these matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.

Contact:

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215) 638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
 
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