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Poseidon Concepts Corporation (OTC: POOSF) Investor Securities Class Action Lawsuit 02/22/2013

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Lawsuit Overview

Company
Poseidon Concepts Corporation
Security
OTC: POOSF
PINK: POOSF

Case Name
Poseidon Concepts Shareholder Class Action Lawsuit 02/22/2013
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

May 24, 2016 - The court granted defendants' motion to dismiss.
December 15, 2015 - Defendants filed a motion to dismiss.

November 30, 2015 - The lead plaintiff filed a third amended complaint.

November 30, 2015 - The court denied defendants' motion to dismiss.

September 15, 2015 - Defendants filed a motion to dismiss.

July 8, 2015 - The lead plaintiff filed a corrected second amended complaint.

July 6, 2015 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Poseidon Concepts Corporation (OTC: POOSF) common shares between March 22, 2012 and February 14, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 22, 2012 to February 14, 2013.

June 14, 2013 - The lead plaintiff filed an amended complaint.

May 17, 2013 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 24, 2013 - Lead plaintiff motions were filed.

March 1, 2013 - Another investor filed a complaint.

February 22, 2013 - An investor in shares of Poseidon Concepts Corporation (OTC: POOSF) filed a lawsuit in the U.S. District Court for the Southern District of New York against Poseidon Concepts Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 9, 2012 and February 14, 2013.

According to the complaint the plaintiff alleges on York on behalf of purchasers of the securities of Poseidon Concepts Corporation (OTC: POOSF) during the period from May 9, 2012 to February 14, 2013, that Poseidon Concepts Corporation made statements that were materially false and misleading regarding Poseidon Concepts Corporation's financial position, financial performance and cash flows, overstated the company’s incomes and reported inflated assets

On May 9, 2012, Poseidon Concepts Corporation announced “record quarterly revenue and EBITDA driven by continued growth in customer demand during the three months ended March 31, 2012”

Then on February 14, 2013, Poseidon Concepts Corporation provided an update with respect to the review and assessment being conducted by Poseidon Concepts Corporation's Special Committee of the Board of Directors ( Special Committee ) and its business and operations. Poseidon Concepts Corporation established the Special Committee to, among other things, review and address various issues arising from Poseidon Concepts Corporation's write-off of certain of Poseidon Concepts Corporation's accounts receivable and the evolving business plan of Poseidon Concepts Corporation. Poseidon Concepts Corporation said that the first, second and third quarter 2012 financial statements will be restated and Poseidon Concepts Corporation advises investors that they should no longer rely on the those Financial Statements as well as the corresponding Management's Discussion & Analysis. Further, Poseidon Concepts Corporation said that all previous guidance with respect to Poseidon Concepts Corporation's business should no longer be relied upon.

Shares of Poseidon Concepts Corporation (OTC: POOSF) declined from as high as $16.40 per share in September 2012 to as low as $0.14 per share on February 20, 2013.