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UPDATE: Poseidon Concepts Stock Drops 52% After Dividend Suspended

Poseidon Concepts Corp. (PSN.TO) lost more than half of its value in heavy trading Thursday after the oilfield service company suspended its dividend, replaced its CEO and initiated a board review of its management and business processes, Canadian Press reported.

Poseidon was the most heavily traded stock Thursday afternoon at the Toronto Stock Exchange, with more than nine million shares traded. The stock was down $1.67 or 52% at $1.55.

Investors sold off the stock after the Calgary-based company's announcement, which included creation of a special committee to review the recent write-off of certain accounts owing to it and an assessment of business controls.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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