Poseidon Concepts Securities Litigation: Representative Plaintiffs Announce the Claims Process for Distribution of Settlement Funds and Important Deadline to Claim Compensation

TORONTO, Oct. 22, 2018 (GLOBE NEWSWIRE) -- The Alberta Court of Queen’s Bench (“Alberta Court”) has approved the distribution of the proceeds of the Global Settlement reached within an Amended Plan of Compromise and Arrangement in the insolvency proceedings commenced by Poseidon Concepts Corp. (“Poseidon”).

The Amended Plan of Compromise and Arrangement and the Global Settlement, previously announced in April 2018, were implemented in accordance with their terms on September 6, 2018 following the issuance of necessary Court approvals and the satisfaction of other preconditions.

The Global Settlement results in a monetary payment for the benefit of Poseidon’s shareholders of at least $34,632,800 and up to $36,606,200.  Pursuant to Order of the Alberta Court, the proceeds of the settlement net of legal fees and administration and other expenses will be distributed to eligible Poseidon shareholders.

In order to claim compensation from the net settlement funds, Poseidon’s shareholders must complete a Claim Form and submit it together with supporting documentation to the Court-appointed settlement administrator, Epiq Class Action Services Canada (“Settlement Administrator”), by no later than February 7, 2019.

Claim Forms that provide incomplete, inaccurate or untrue information or are not submitted to the Administrator by the deadline of February 7, 2019 will be disallowed by the Administrator barring exceptional circumstances.

Important details regarding the claims process and a copy of the Claim Form are available at www.poseidonclassactionsettlement.com.

Inquiries regarding the claims process should be directed to the Settlement Administrator at the information provided below.  The Alberta Court and Class Counsel are unable to respond to inquiries regarding the claims process.

The Representative Plaintiffs have been appointed representatives for Poseidon’s investors by Order of the Alberta Court, and are represented by the law firms of Siskinds LLP, Jensen Shawa Solomon Duguid Hawkes LLP, Paliare Roland Rosenberg Rothstein LLP and Siskinds Desmeules, S.e.n.c.r.l.

Class Member Inquiries:

Poseidon Securities Class Action Settlement
Epiq Class Action Services Canada
Email: info@poseidonclassactionsettlement.com
Toll Free: 1-855-745-7334 (North America)
Tel: +1-613-562-4200 (Outside of North America)
Nelson P.O. Box 20187
322 Rideau Street
Ottawa, ON K1N 5Y5

Media Inquiries:
Sajjad Nematollahi	Robert Hawkes Q.C.
Siskinds LLP	Jensen Shawa Solomon Duguid Hawkes LLP
416-594-4390	403-571-1544
sajjad.nematollahi@siskinds.com	hawkesr@jssbarristers.ca