Siskinds LLP

Siskinds LLP

November 27, 2012 16:59 ET

Siskinds Announces Filing of a Proposed Class Action Against Poseidon Concepts Corp.

TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) - Siskinds LLP today announced the filing in the Ontario Superior Court of Justice of a proposed class action against Poseidon Concepts Corp., and certain of the company's officers and directors.

The proposed class includes all persons, wherever resident, who acquired securities of Poseidon Concepts on or prior to November 14, 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 $200 million in damages.

If you acquired securities of Poseidon Concepts on or prior to November 14, 2012, please complete the online information form at: http://www.classaction.ca/joinaction.aspx?action=poseidon.

Any inquiries regarding this proceeding may be directed to Nicole Young of Siskinds LLP. Ms. Young can be contacted by telephone (toll free) at (800) 461-6166 (ext. 2380) or by email at nicole.young@siskinds.com.

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