BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against Poseidon Concepts Corp. (“Poseidon” or the “Company”) (OTC Markets:POOSF) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by Poseidon between May 9, 2012 and February 14, 2013 were false and misleading concerning the Company’s financial performance.
“the Company advises that all previous guidance with respect to the Company’s business should no longer be relied upon.”
Poseidon, together with its subsidiaries, engages in renting fracturing fluid handling tanks primarily used in well completion operations in the oil and natural gas industry in western Canada and the United States. The investigation is related to allegations that during the foregoing period Poseidon issued materially false and misleading financial information, including the overstatement of the Company’s revenue and earnings by more than 200 percent.
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. …[which] includes the review and assessment of the Company’s business processes and controls.” Then, on February 14, 2013 the Company announced that Poseidon’s first, second and third quarter 2012 financial statements should no longer be relied upon and will be restated. In addition, the Company-issued press release stated that “the Company advises that all previous guidance with respect to the Company’s business should no longer be relied upon.”
If you purchased Poseidon common stock between May 9, 2012 and February 14, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.