Law Firm Announces Lawsuit Against Poseidon Concepts For Accounting Fraud - Seeks Recovery Of Losses For Shareholders

Sat Feb 16, 2013 7:30am EST

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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                     
 Tripp Levy PLLC                
 125 East 82nd  Street          
 9th  Floor                     
 New York, New York             
 Toll Free: 877-772-3975        
 Email:  contact@tripplevy.com  
                                
                                


Tripp Levy PLLC is a national law firm that specializes in mergers &
acquisitions, takeover litigation, shareholder rights, and corporate governance
matters in state and federal courts throughout  the United States. Attorney
advertising. Prior results do not guarantee a similar outcome.  

Contacts  

Tripp Levy PLLC
Tripp Levy, 877-772-3975
contact@tripplevy.com

SOURCE  Tripp Levy PLLC

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