Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Poseidon Concepts Corp.

The Law Offices of Todd M. Garber announces that investors of Poseidon Concepts Corp. (“Poseidon” or the “Company”) (OTC Markets:POOSF) (Toronto:PSN.TO) have until April 24, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York. The lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers of Poseidon common stock between May 9, 2012 and February 14, 2013, inclusive (the “Class Period”). The Complaint alleges that Poseidon issued materially false and misleading statements throughout the Class Period concerning the Company’s financial performance, including the overstatement of the Company’s revenue.

On December 27, 2012 the Company announced that it 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.” Then, on February 14, 2013 the Company announced that Poseidon’s first, second and third quarter 2012 financial statements should no longer be relied upon and will be restated. In addition, the Company-issued press release stated that “the Company advises that all previous guidance with respect to the Company's business should no longer be relied upon.”

If you are a member of the above-described Class, you may move the Court no later than April 24, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time. You may retain counsel of your choice or take no action and remain an absent Class member. If you wish to discuss this action or have any questions concerning this Notice 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 to [e-mail].

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