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 firstname.lastname@example.org. 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.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman, 212-697-6484
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