NEW YORK, Feb. 16, 2013 /PRNewswire/ -- Tripp Levy
PLLC, a leading national securities and shareholder rights law
firm, announces that it has been retained to represent shareholders
of Poseidon Concepts Corp. (TSX: PSN, OTC: POOSF). The
lawsuit alleges that, among other things, Poseidon Concepts made
statements that were materially false and misleading regarding
Poseidon Concepts' financial position, financial performance and
cash flows, overstated the company's incomes and reported inflated
assets.
In particular, it was announced that approximately $95 million to $106 million 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; and as a result of recording the foregoing revenues,
approximately $94 million to $102
million of the Company's $125.5
million accounts receivable as at September 30, 2012 should not have been recorded
in the Company's financial statements as accounts receivable. As a
result, the first, second and third quarter 2012 financial
statements (the "Financial Statements") will be restated and the
Company advised investors that they should no longer rely on the
Financial Statements.
The lawsuit is brought on behalf of all persons who acquired
securities of Poseidon Concepts on or prior to February 14, 2013, whether in a prospectus
offering or in the secondary market. If you purchased
Poseidon securities on the U.S. or Canada markets prior to February 14, 2013, and would like to be a part of
an action to recover your losses, at no cost, please contact us
at:
Tripp
Levy
|
Tripp Levy
PLLC
|
125 East
82nd Street
|
9th Floor
|
New York,
New York
|
Toll Free:
877-772-3975
|
Email:
contact@tripplevy.com
|
|
|
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United
States. Attorney advertising. Prior results do not guarantee
a similar outcome.
Contacts
Tripp Levy PLLC
Tripp Levy, 877-772-3975
contact@tripplevy.com
SOURCE Tripp Levy PLLC