NEW YORK, Feb. 23, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the stock of Poseidon Concepts Corp. (OTC:POOSF) during the period from May 9, 2012 to February 14, 2013 seeking to recover damages for violations of the federal securities laws.
To join the Poseidon class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The lawsuit filed by the firm is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint asserts violations of the federal securities laws against Poseidon and certain of its officers and directors for issuing materially false and misleading financial information. The Complaint asserts that Poseidon falsely overstated revenue and earnings by over 200% during the class period. The lawsuit asserts that this adverse information caused shareholders to lose nearly the entire value of the investment.
If you wish to serve as lead plaintiff, you must move the Court no later than April 24, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.