NEW YORK, Feb. 26, 2013 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC announces
that a class action suit was filed in the United States District
Court for the Southern District of New
York on behalf of purchasers of the securities of Poseidon
Concepts Corp. ("Poseidon Concepts" or the "Company") (OTC: POOSF)
during the period from May 9, 2012 to
February 14, 2013, inclusive (the
"Class Period")
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. On February 14, 2013,
Poseidon announced that it would restate results for the first
three quarters of 2012. Poseidon stated that up to $106-million of its $148.1
million of revenue for the nine months ended Sept. 30 should not have been recorded.
Approximately $94 million to $102
million of its $125.5 million
accounts receivable as of September 30,
2012 should not have been recorded in its financial
statements as accounts receivable. Poseidon also stated that its
forecast for 2012 should no longer be relied on. This adverse news
caused the price of Poseidon stock to drop, causing investors
losses.
No Class has yet been certified in the above action. If you wish
to review a copy of the Complaint, to discuss this action, or have
any questions, please contact either Peretz
Bronstein or Eitan Kimelman
of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via
email eitan@bgandg.com. Those who inquire by e-mail are encouraged
to include their mailing address and telephone number. April 24, 2013 is the deadline for investors to
seek a lead plaintiff appointment.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
eitan@bgandg.com
SOURCE Bronstein, Gewirtz & Grossman, LLC