Poseidon Concepts Securities Litigation: Representative Plaintiffs Announce Approval of the Global Settlement and Applications for Approval of Proposed Claims and Distribution Protocol, Class Counsel Fees, and Related Matters

TORONTO, Sept. 10, 2018 /CNW/ -- Courts in Canada and the United States have approved and recognized the Amended Plan of Compromise and Arrangement with respect to Poseidon Concepts Corp and its related entities (collectively, "Poseidon") and the Global Settlement, made within Poseidon's insolvency proceeding brought in the Alberta Court of Queen's Bench ("Alberta Court"). 

The Amended Plan of Compromise and Arrangement and the Global Settlement were previously announced on April 23, 2018.

Accordingly, the Amended Plan of Compromise and Arrangement and the Global Settlement have become final and they have been implemented.  All persons and entities who purchased or otherwise acquired securities of Poseidon on or before February 14, 2013, except certain persons and entities affiliated with the defendants, are included in the Global Settlement.

On behalf of the Representative Plaintiffs, Class Counsel are bringing applications before the Alberta Court for approval of a proposed Claims and Distribution Protocol, Class Counsel's fees and expenses and related matters.  Subject to approval by the Alberta Court, these applications will determine the manner of use of the settlement funds and the distribution of the settlement funds net of legal fees and expenses amongst eligible shareholders of Poseidon.

The Alberta Court is scheduled to hear these applications on September 21, 2018 at the Calgary Courts Centre. 

If you are an investor in Poseidon securities and do not have a concern regarding the foregoing, you are not required to do anything at this time.  A further notice will be issued after the Alberta Court has approved the proposed Claims and Distribution Protocol, which will advise eligible Poseidon shareholders of the procedure to claim compensation from the Global Settlement.

If you wish to object to the proposed Claims and Distribution Protocol or Class Counsel fees and expenses, you must register your objection by no later than September 20, 2018 at noon, Calgary time. 

For further details, please consult the notice available [here] (English) and [here] (French).

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, Avocats.

For further information regarding these proceedings visit http://www.siskinds.com/poseidon-concepts-corp/.

Inquiries:

SOURCE Siskinds LLP