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LAW FIRM ANNOUNCES LAWSUIT AGAINST POSEIDON CONCEPTS FOR ACCOUNTING FRAUD - SEEKS RECOVERY OF LOSSES FOR SHAREHOLDERS
Law Firm Announces Lawsuit Against Poseidon Concepts For Accounting Fraud - Seeks Recovery Of Losses For Shareholders
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 PLLC
125 East 82nd Street
New York, New York
Toll Free: 877-772-3975