Law Offices of Howard G. Smith Announces Investigation on Behalf of Investors of Poseidon Concepts Corp.
26 Februar 2013 - 10:30PM
Business Wire
Law Offices of Howard G. Smith announces that
it is investigating potential claims against Poseidon Concepts
Corp. (“Poseidon” or the “Company”) (OTC Markets:POOSF) concerning
possible violations of federal securities laws. The investigation
focuses on allegations that certain statements issued by Poseidon
between May 9, 2012 and February 14, 2013 were false and misleading
concerning the Company’s financial performance.
Poseidon, together with its subsidiaries, engages in renting
fracturing fluid handling tanks primarily used in well completion
operations in the oil and natural gas industry in western Canada
and the United States. The investigation is related to allegations
that during the foregoing period Poseidon issued materially false
and misleading financial information, including the overstatement
of the Company’s revenue and earnings by more than 200 percent.
On December 27, 2012 the Company 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 announced that Poseidon’s first, second and third
quarter 2012 financial statements should no longer be relied upon
and will be restated. In addition, the Company-issued 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 purchased Poseidon common stock between May 9, 2012 and
February 14, 2013, if you have information or would like to learn
more about these claims, or if you wish to discuss these matters or
have any questions concerning this announcement or 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.
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