Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Poseidon Concepts Corp.

  Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the
  Class Action Lawsuit Against Poseidon Concepts Corp.

Business Wire

BENSALEM, Pa. -- April 22, 2013

Law Offices of Howard G. Smith announces that investors of Poseidon Concepts
Corp.  (“Poseidon” or the “Company”) (OTC Markets:POOSF) have until April 24,
2013 to move the Court to serve as lead plaintiff in the securities fraud
class action lawsuit filed in the United States District Court for the
Southern District of New York on behalf of a class (the “Class”) comprising
all purchasers of Poseidon  common stock between May 9, 2012 and February 14,
2013, inclusive (the “Class Period”). The Complaint alleges that Poseidon
issued materially false and misleading statements throughout the Class Period
concerning the Company’s financial performance.

On December 27, 2012 Poseidon 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 issued a press release announcing that
Poseidon’s first, second and third quarter 2012 financial statements should no
longer be relied upon and will be restated. In addition, the 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 are a member of the Class described above, 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, or may retain counsel of
your choice. If you wish to discuss this action or learn more concerning 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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