Thursday, February 14, 2013

Poseidon under water - PSN.t - Update II

"The Alberta Securities Commission has issued a cease trade order against Calgary-based Poseidon Concepts Corp. The cease trade order was issued on the basis that Poseidon Concepts' first, second and third quarter interim financial reports for the periods ended March 31, 2012, June 30, 2012, and Sept. 30, 2012, were not prepared in accordance with Alberta securities laws.

The cease trade order prohibits all trading or purchasing in Poseidon Concepts securities until the cease trade order has been revoked or varied."

And this is the perfect example why a body avoids horrid falling knives. When the chit is raining this hard a body needs to run for the exits and damn the torpedoes when doing it.

"Oil field services company Poseidon Concepts Corp said it would restate results for the first three quarters of 2012, sending its stock plunging almost 80% to a life-low.

Poseidon said up to $106-million of its $148.1-million revenue for the nine months to Sept. 30 should not have been recorded.

The company, which is also facing allegations that it overstated its income and reported inflated assets, also said its forecast for 2012 should no longer be relied on.
This here implosion is what we call the "worse case senerio" in securities circles and a body should expect some heads to seriously roll.

This paper? Well pfffft.

And naturally we have a large gaggle of so called "analysts" still dishing out their OH SO VALUABLE opinions ...

"Canaccord Genuity downgraded shares of Poseidon Concepts Corp (TSE: PSN) from a hold rating to a sell rating in a research note released on Thursday morning.

"A number of other analysts have also recently weighed in on PSN. Analysts at RBC Capital cut their price target on shares of Poseidon Concepts Corp from $3.00 to $2.50 in a research note to investors on Tuesday, January 8th. They now have a sector perform rating on the stock. Analysts at Scotiabank downgraded shares of Poseidon Concepts Corp from an outperform rating to an underperform rating in a research note to investors on Friday, November 16th. They now have a $11.00 price target on the stock, down previously from $20.00."

Anybody actually listening to this gaggle of well proven career clowntards needs to find the time to due their own damn due diligence ... no seriously.