SHAREHOLDER LAWSUIT FILED - DAYS LEFT FOR SHAREHOLDERS TO JOIN
Tripp Levy PLLC Announces
Filing of a Proposed Class Action Against Poseidon Concepts Corp.
(TSX:PSN) in the Alberta Court of Queen's Bench
CALGARY, ALBERTA and TORONTO, ONTARIO -- (Marketwire) - --
The securities and shareholder rights law firm of Tripp Levy PLLC announced the
filing in the Alberta Court of Queen's Bench of a proposed class
action against Poseidon Concepts Corp. (TSX:PSN), and certain of the
company's officers and directors.
The proposed class includes persons who acquired securities of
Poseidon Concepts on or prior to December 27, 2012, whether in a
prospectus offering or in the secondary market.
The action alleges, among other things, that the defendants 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.
Among other relief, the action claims $251 million in damages.
If you acquired common shares of Poseidon Concepts pursuant to the
prospectus offering in late-January/early-February 2012, offering
shares at $13.00 please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy
So far, I believe there are more than 12 different law firms suing for over $250M , far more than the company is worth. It has now become a joke. I do not believe that this is in the best interest of shareholders as there wil be nothing left in the end even if the suit succeeds. Remember, it is YOUR money being used to defend against these lawsuits.
On the contrary. After 3-5 years, you will receive a token payment. The money in the financial reports was non-existent. I suppose the people were real. Don't expect to retire on the funds you receive from any class-action suit against Poseidon Concepts.
There are at least four law firms involved in class-action litigation at this point. It will all get merged into one action and it will take years to litigate. Sign up and then move on with your life because individual shareholders will receive a pittance if anything from this legal action.