February 26, 2013
Bernstein Liebhard LLP today announced that a securities class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) of purchasers of Poseidon Concepts Corporation (“Poseidon” or the “Company”) (NYSE: POOSF) stock between May 9, 2012 to February 14, 2013 (the “Class Period”).
The Complaint asserts violations of the federal securities laws against Poseidon and certain of its officers and directors for issuing materially false and misleading financial information. The Complaint asserts that Poseidon overstated revenue and earnings by over 200% during the Class Period. 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.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Poseidon stock during the Class Period. If you invested in Poseidon stock as described above during the Class Period, and either lost money on the transaction or still hold the stock, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than April 24, 2013.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Poseidon shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
