TORONTO – Two class-action lawsuits seeking damages totaling $702 million have been filed against National Bank of Canada (TSX:NA) over the financial reporting of Poseidon Concepts Corp. (TSX:PSN).
The lawsuits, which were filed with the Ontario Superior Court of Justice, name National Bank and its underwriters and allege the defendants of misrepresenting the value of the oilfield services company’s securities.
None of these allegations have been proven in court.
Last week, Poseidon announced it will restate its financial results for the first, second, and third quarters of 2012.
Poseidon said approximately $95 million to $106 million of the $148.1 million in revenue for the nine months ended Sept. 30 should not have been recorded as revenue.
