Murray, Frank & Sailer LLP Announces Investigation of Securities Fraud Claims Against HQ Sustainable Maritime Industries, Inc.
May 13 2011 - 2:17PM
Business Wire
MURRAY, FRANK & SAILER LLP announces that a complaint has
been filed alleging securities fraud claims against HQ Sustainable
Maritime Industries, Inc. (“HQ Maritime” or the “Company”) (AMEX:
HQS) and certain of its officers, on behalf of purchasers of HQ
Maritime securities between May 11, 2009 and April 1, 2011,
inclusive (the “Class Period”).
The lawsuit concerns violations of the Securities Exchange Act
of 1934 (the “Exchange Act”) that occurred when the Defendants
issued materially false and misleading statements or omitted to
state material information during the Class Period regarding HQ
Maritime’s financial performance, business prospects, and internal
controls.
Specifically, it is alleged that during the Class Period, the
Defendants made false and/or misleading statements and/or failed to
disclose that: (1) the Company’s revenues had been overstated; (2)
the Company’s financial statements did not conform with Generally
Accepted Accounting Principles and were materially false and
misleading; (3) the Company was operating with material
deficiencies in its internal controls over its financial reporting;
(4) the Company’s financial statements were materially false and
misleading. Further, it is alleged that as a result of the
Defendants’ misstatements, HQ Maritime’s stock traded at
artificially inflated prices throughout the Class Period.
On March 16, 2011, HQ Maritime announced that it would be
postponing the filing of its annual report on Form 10-K until April
1, 2011. On April 1, the Company revealed that it was noncompliant
with federal laws as well as AMEX listing standards, resulting in a
suspension of trading in the Company’s shares on the AMEX. This
information resulting in a closing price of $2.78 at the time of
the suspension of trading for a decline of 23%. Subsequently, on
April 6, 2011, Andrew Intrader, Chairman of the Company’s audit
committee of the board of directors abruptly resigned, disclosing
that HQ Maritime’s CEO had blocked the Company’s independent
auditors from reviewing data necessary to audit sales and
revenues.
If you purchased HQ Maritime securities within the Class Period,
and you wish to discuss the litigation, or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact us.
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