Key Developments: Poseidon Concepts Corp (POOSF.PK)
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17 Jun 2013
$0.00 (+9.76%)
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22,253
102,926
$16.56
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Latest Key Developments (Source: Significant Developments)
Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Poseidon Concepts Corp
The Law Offices of Todd M. Garber announced that investors of Poseidon Concepts Corp have until April 24, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York. The lawsuit was filed on behalf of a class (the Class) comprising all purchasers of Poseidon common stock between May 9, 2012 and February 14, 2013, inclusive (the Class Period). The Complaint alleges that Poseidon issued materially false and misleading statements throughout the Class Period concerning the Company’s financial performance, including the overstatement of the Company’s revenue. 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.” Full Article
Poseidon Concepts Corp Obtains CCAA Protection Order and Provides Internal Investigation Update; Dawson Resigned As Interim CEO
Poseidon Concepts Corp. and various affiliates obtained an initial order (the Order) from the Alberta Court of Queen's Bench (the Court) providing creditor protection under the Companies' Creditors Arrangement Act (Canada) (CCAA). Concurrent with the CCAA filing, Mr. Dean Jensen and Mr. Harley Winger tendered their resignations as directors to the Company, the Special Committee was disbanded and Mr. Dawson has resigned as the Company's Interim CEO. The Company's Board of Directors is now comprised of Mr. Scott Dawson and Mr. Neil Richardson. While under CCAA protection, the Company will continue operating, under the supervision of a Court- appointed monitor, PricewaterhouseCoopers Inc. (the Monitor), who will be responsible for reviewing Poseidon's ongoing operations, assisting with the development and filing of a Plan of Arrangement (Plan) that is established by the Company, liaising with creditors and other stakeholders and reporting to the Court. The Board of Directors will be primarily responsible for determining whether a Plan for restructuring the Company's affairs is feasible. In addition, the Company has secured interim financing from a third party lender (the Interim Lender) to finance Poseidon's working capital requirements and other general corporate purposes and capital expenditures. Full Article
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Poseidon Concepts Corp
Glancy Binkow & Goldberg LLP announced that purchasers of the common stock of Poseidon Concepts Corp between May 9, 2012 and February 14, 2013, inclusive (the Class Period), have until April 24, 2013 to file a motion with the Court to be appointed as lead plaintiff. The shareholder lawsuit was filed in the United States District Court for the Southern District of New York. The Complaint alleges that throughout the Class Period the Company and certain of its executive officers issued materially false and misleading statements regarding the Company’s financial performance, including the overstatement of the Company’s revenue and earnings by more than 200%. 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.” Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Poseidon Concepts Corp
Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the Class) comprising all purchasers of the common stock of Poseidon Concepts Corp. (Poseidon or the Company) between May 9, 2012 and February 14, 2013. The Complaint alleges that throughout the Class Period Poseidon issued materially false and misleading statements concerning the Company`s financial performance, including the overstatement of the Company`s revenue and earnings by more than 200%. 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. Full Article
Law Offices of Todd M. Garber Announces Investigation Of Poseidon Concepts Corp
The Law Offices of Todd M. Garber announced that it is investigating potential claims on behalf of purchasers of the securities of Poseidon Concepts Corp 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 regarding the Company’s financial performance. The investigation is related to Poseidon’s December 27, 2012 announcement that the Company 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.” In addition, on February 14, 2013 the Company announced that Poseidon’s first, second, and third quarter 2012 financial statements will be restated and “all previous guidance with respect to the Company's business should no longer be relied upon.” Full Article
Glancy Binkow & Goldberg LLP Announces Investigation of Poseidon Concepts Corp
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of purchasers of the securities of Poseidon Concepts Corp 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 regarding the Company`s financial performance. The investigation is related to Poseidon`s December 27, 2012 announcement that the Company 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." In addition, on February 14, 2013 the Company announced that Poseidon`s first, second, and third quarter 2012 financial statements will be restated and "all previous guidance with respect to the Company's business should no longer be relied upon." Full Article
Cohen Milstein Sellers & Toll PLLC Announces Investigation of Poseidon Concepts Corp
Cohen Milstein Sellers & Toll PLLC announced that it 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. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Poseidon Concepts Corp
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Poseidon Concepts Corp. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Poseidon Concepts had incorrectly inflated Company revenues by approximately $100 million in its financial statements; (2) the Company would need to write-off a large part of its accounts receivable; and (3) Poseidon Concepts' first, second and third quarter 2012 financial statements and guidance would need to be restated and could not be relied upon by investors. 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." Then, on February 14, 2013, the Company announced that Poseidon Concepts' first, second and third quarter 2012 financial statements should no longer be relied upon and would have to be restated. The Company also revealed that its previous guidance could no longer be relied upon. Full Article
Rigrodsky & Long, P.A. Announces Securities Fraud Class Action Lawsuit Filed Against Poseidon Concepts Corp
Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of Poseidon Concepts Corp between May 9, 2012 and February 14, 2013, inclusive (the Class Period), alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its officers (the Complaint). The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company`s business, operations and prospects. Specifically, the Complaint alleges that: (a) the Company improperly recorded approximately $95 million to $106 million as revenue in the Company`s financial statements; (b) the Company improperly recorded $94 million to $102 million as accounts receivable in the Company`s financial statements; and (c) that as a result, the first, second and third quarter 2012 financial statements would need to be restated and could not be relied upon by investors, along with all previous guidance with respect to the Company`s business. As a result of defendants` false and misleading statements, the Company`s stock traded at artificially inflated prices during the Class Period. Full Article
Federman & Sherwood Announces That Securities Class Action Lawsuit Has Been Filed Against Poseidon Concepts Corp
Federman & Sherwood announced that on February 22, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of New York against Poseidon Concepts Corp. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 9, 2012 through February 14, 2013. Plaintiff seeks to recover damages on behalf of all Poseidon Concepts Corp. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than April 24, 2013 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. Full Article
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