Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class
Action Lawsuit Against Poseidon Concepts Corp.
LOS ANGELES -- April 5, 2013
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 firstname.lastname@example.org, or visit our website at
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
(310) 201-9150 or (888) 773-9224
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