Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Poseidon Concepts Corp.
WASHINGTON--(BUSINESS WIRE)-- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Poseidon Concepts Corp. ("Poseidon" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Several class action lawsuits were filed in the U.S. District Court for the Southern District of New York by other law firms on behalf of purchasers of the publically traded common stock of Poseidon between May 9, 2012 and February 14, 2013, inclusive (the "Class Period").
The complaints allege that Poseidon and certain of its officers and directors ("Defendants") issued false and misleading statements and omitted material information concerning the Company's business prospects, financial performance, and true financial condition.
On December 27, 2012, Poseidon suspended its dividend payments and formed a Special Committee to "review and address various issues arising from the recent write-off of certain accounts receivable and the evolving business plan of the Company."
On February 14, 2013, Poseidon announced the results of the Special Committee investigation, reporting that it would have to restate its results for the first three quarters of 2012. The Committee found that approximately $95 million to $106 million of the $148.1 million in revenue the Company had reported for the first three quarters of 2012 "should not have been recorded as revenue," and additionally found that approximately $94 million to $102 million of the Company's reported accounts receivable at September 30, 2012 "should not have been recorded" as such. The price of Poseidon shares fell from $0.89 to $0.28 on February 14.
Cohen Milstein encourages all investors who purchased Poseidon common stock in the United States on the OTC market (OTC: POOSF) between May 9, 2012 and February 14, 2013, or former employees with information concerning this matter, to contact the firm.
If you purchased Poseidon shares in the United States on the OTC market and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than April 24, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org
KEYWORDS: United States North America District of Columbia
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