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 email@example.com, 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 Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation