NEW YORK, March 15, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Poseidon Concepts Corp. ("Poseidon" or the "Company") (Pink Sheets:POOSF) and certain of its officers. The class action filed in United States District Court, Southern District of New York, and docketed under 13-CV-1412, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Poseidon between May 9, 2012 and February 14, 2013, both dates inclusive of (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Poseidon securities during the Class Period, you have until April 2, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Poseidon engages in the development and commercialization of fluid storage and solutions to the oil and gas industry across North America.
The Complaint alleges that throughout the Class Period, and on November 14, 2012 Poseidon published materially false and misleading press releases and financial statements regarding the results of the first three quarters of 2012.
On December 27, 2012, Poseidon issued a press release announcing the formation of a Special Committee to evaluate and resolve various issues stemming from the Company's write-off of some of its accounts receivable and evolving business strategy.
On February 14, 2013, Poseidon issued a press release announcing the findings of the Special Committee, admitting that, "approximately $95 million to $106 million (subject to detailed quantification by the Company) of the Company's $148.1 million in revenue for the 9 months ended September 30, 2012 should not have been recorded as revenue in the Company's financial statements."
In reaction to the Company's disclosure on February 14, 2013, the Company's stock fell $0.61 per share or approximately 69%, from its previous closing price, to close at $0.28 per share.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP email@example.comSource:Pomerantz Grossman Hufford Dahlstrom & Gross LLP