Levi & Korsinsky Notifies Investors with Losses on Their Investment in HQ Sustainable Maritime Industries, Inc. of Class Acti...
May 04 2011 - 3:21PM
Business Wire
Levi & Korsinsky announces that a class action lawsuit has
been commenced in the United States District Court for the Western
District of Washington on behalf of purchasers of HQ Sustainable
Maritime Industries, Inc. (“HQS”) (AMEX: HQS) who purchased stock
between May 11, 2009 and April 1, 2011 (the “Class Period”).
The complaint alleges that HQS and certain of its officers
and/or directors violated federal securities laws by issuing false
and/or misleading statements. In particular, the Complaint alleges
that (a) a substantial portion of the Company’s revenues were
overstated; (b) HQS’s financial statements were materially false
and misleading; (c) HQS operated with material deficiencies in its
system of internal control regarding its financial reporting; and
(d) based on the aforementioned, defendants lacked sufficient basis
for their positive statements regarding the Company’s prospects and
growth.
On March 16, 2011 the Company announced that it would postpone
its filing of its annual report with the SEC until April 1, 2011.
HQS failed to file their report on April 1, 2011, however, and
trading of the Company’s shares was suspended and has not been
reinstated. On April 6, 2011 the Company’s Chairman of the Audit
Committee, Andrew Intrater resigned, citing the “uncooperative
conduct of the management team.”
If you are a member of the class and suffered a loss in HQS
stock, you have until June 26, 2011 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery is not affected by the decision whether or not to serve as
a lead plaintiff. To obtain additional information about your
rights, contact Joseph E. Levi, Esq. either via email at
jlevi@zlk.com or by telephone at (877) 363-5972, or visit
http://www.zlk.com/hq-sustainable-maritime-hqs.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. Attorney advertising. Prior results do not guarantee
similar outcomes.
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