Law Offices of Howard G. Smith announces that investors of Poseidon Concepts Corp. (“Poseidon” or the “Company”) (OTC Markets:POOSF) 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 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.

On December 27, 2012 Poseidon 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 issued a press release announcing that Poseidon’s first, second and third quarter 2012 financial statements should no longer be relied upon and will be restated. In addition, the 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 Class described above, you have certain rights and have until April 24, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com

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