|[March 16, 2013]
Law Offices of Todd M. Garber Announces Investigation of Poseidon Concepts Corp.
LOS ANGELES --(Business Wire)--
The Law Offices of Todd M. Garber announces that it is investigating
potential claims on behalf of purchasers of the securities of Poseidon
Concepts Corp. ("Poseidon" or the "Company") (TSX: PSN) (OTC: 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 regarding the Company's financial performance.
Poseidon, together with its subsidiaries, engages in renting out tanks
that store fluids used in shale drilling, which are primarily used in
well completion operations in the oil and natural gas industry in
western Canada and te United States. 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."
If you purchased Poseidon common stock between February 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 Todd M. Garber, Esquire, of the
Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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