San Diego, CA -- (SBWIRE) -- 03/13/2013 -- An investor in shares of POSEIDON CONCEPTS (PINK:POOSF) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by POSEIDON CONCEPTS in connection with certain allegedly false and misleading statements made between May 9, 2012 and February 14, 2013.

Investors who purchased shares of POSEIDON CONCEPTS (PINK:POOSF) between May 9, 2012 and February 14, 2013, have certain options and there are strict and short deadlines running. Deadline: April 24, 2013. Investors with a substantial investment in shares of POSEIDON CONCEPTS (PINK:POOSF) should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on York on behalf of purchasers of the securities of POSEIDON CONCEPTS (PINK:POOSF) during the period from May 9, 2012 to February 14, 2013, that 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

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

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

Shares of POSEIDON CONCEPTS (PINK:POOSF) declined from as high as $16.40 per share in September 2012 to as low as $0.14 per share on Feb. 20, 2013.

Those who purchased shares of POSEIDON CONCEPTS (PINK:POOSF) between May 9, 2012 and February 14, 2013, have certain options and there are strict and short deadlines running. Deadline: April 24, 2013. Investors with a substantial investment in shares of POSEIDON CONCEPTS (PINK:POOSF) should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com