NEW YORK, March 15, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Poseidon Concepts Corp. ("Poseidon" or the "Company") (Pink Sheets:POOSF) and certain of its officers. The class action filed in United States District Court, Southern District of New York, and docketed under 13-CV-1412, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Poseidon between May 9, 2012 and February 14, 2013, both dates inclusive of (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Poseidon securities during the Class Period, you have until April 2, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Poseidon engages in the development and commercialization of fluid storage and solutions to the oil and gas industry across North America.The Complaint alleges that throughout the Class Period, and on November 14, 2012 Poseidon published materially false and misleading press releases and financial statements regarding the results of the first three quarters of 2012. On December 27, 2012, Poseidon issued a press release announcing the formation of a Special Committee to evaluate and resolve various issues stemming from the Company's write-off of some of its accounts receivable and evolving business strategy.