February 27, 2013 / 2:43 PM / 5 years ago

Poseidon Concepts' top executives resign

Feb 27 (Reuters) - Poseidon Concepts Corp, an oilfield services company whose market capitalization has plunged to C$22 million from over C$1 billion in the past year, said its interim finance head and former chief executive, Lyle Michaluk, has left as part of a reorganization.

Michaluk was demoted in December from chief executive to interim chief financial officer. Matt MacKenzie, the chief financial officer before Michaluk, has also left, Poseidon said in a statement on Wednesday.

Poseidon said earlier this month it would restate results for the first three quarters of 2012 because up to C$106 million of its C$148.1 million revenue for the nine months to Sept. 30 should not have been recorded.

Several class action lawsuits have been filed against Poseidon alleging, among other things, that the company made materially false and misleading statements.

The company could not be reached for comment.

Calgary-based Poseidon, which rents out tanks that store fluids used in shale drilling, said in December pricing and earnings margins were hit by the slowdown in drilling in North America.

The company has breached a loan agreement and suspended payment of dividends over the past three months.

Its shares have fallen 98 percent since it reported third-quarter results on Nov. 14. The stock closed at 27 Canadian cents before trading was halted on Feb. 14.

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