Case Page

 

Case Status:    SETTLED
On or around 07/27/2018 (Court's order of dismissal)

Filing Date: February 22, 2013

According to the law firm press release, Poseidon engages in the development and commercialization of fluid storage and solutions to the oil and gas industry across North America.

The Complaint alleges that throughout the Class Period, and on November 14, 2012 Poseidon published materially false and misleading press releases and financial statements regarding the results of the first three quarters of 2012.

On December 27, 2012, Poseidon issued a press release announcing the formation of a Special Committee to evaluate and resolve various issues stemming from the Company’s write-off of some of its accounts receivable and evolving business strategy.

On February 14, 2013, Poseidon issued a press release announcing the findings of the Special Committee, admitting that, “approximately $95 million to $106 million (subject to detailed quantification by the Company) of the Company’s $148.1 million in revenue for the 9 months ended September 30, 2012 should not have been recorded as revenue in the Company’s financial statements.”

In reaction to the Company’s disclosure on February 14, 2013, the Company’s stock fell $0.61 per share or approximately 69%, from its previous closing price, to close at $0.28 per share.

On May 17, 2013, the Court issued an Order appointing Lead Plaintiff and approving the selection of lead counsel. On June 14, the Lead Plaintiff filed a Consolidated Amended Complaint. On July 6, 2015, Lead Plaintiff filed a second amended Complaint. On July 8, Lead Plaintiff filed a corrected second amended Complaint. On November 30, Lead Plaintiff filed a third amended Complaint.

On May 24, 2016, the Court issued an Order dismissing the auditor Defendant.

On April 16, 2018, the parties reached a Settlement in a Canadian Court. On July 27, the Court issued an Order dismissing the remaining Defendants.

COMPANY INFORMATION:

Sector: Energy
Industry: Oil Well Services & Equipment
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: POOSF
Company Market: Pink Sheets
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 13-CV-01213
JUDGE: Hon. Denise L. Cote
DATE FILED: 02/22/2013
CLASS PERIOD START: 05/09/2012
CLASS PERIOD END: 02/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 13-CV-01213
JUDGE: Hon. Denise L. Cote
DATE FILED: 11/30/2015
CLASS PERIOD START: 03/22/2012
CLASS PERIOD END: 02/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date
No Document Title Filing Date