NEW YORK, March 1, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Poseidon Concepts Corp. ("Poseidon Concepts" or the "Company") (OTC Markets: POOSF).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Poseidon Concepts had incorrectly inflated Company revenues by approximately $100 million in its financial statements; (2) the Company would need to write-off a large part of its accounts receivable; and (3) Poseidon Concepts' first, second and third quarter 2012 financial statements and guidance would need to be restated and could not be relied upon by investors.
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." Then, on February 14, 2013, the Company announced that Poseidon Concepts' first, second and third quarter 2012 financial statements should no longer be relied upon and would have to be restated. The Company also revealed that its previous guidance could no longer be relied upon.
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If you invested in Poseidon Concepts stock or options between May 9, 2012 and February 14, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/POOSF. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Poseidon Concept's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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