The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP announces that a class action lawsuit has been brought on behalf of all purchasers of the common stock of HQ Sustainable Maritime Industries, Inc. (“HQS” or the “Company”) (AMEX: HQS) between May 11, 2009 and April 1, 2011, inclusive (the “Class Period”).

If you purchased HQS common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 27, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

HQS shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff may visit Lieff Cabraser’s website at http://lieffcabraser.com/securities-investor-fraud/case/470/hq-sustainable-maritime-industries-inc-amex-hqs-securities-class-litigation or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.

Background on HQS Securities Class Litigation

The action, filed in the United States District Court for the Western District of Washington, is brought against HQS and certain of its officers and directors for violations of the Securities Exchange Act of 1934. HQS, headquartered in Seattle, Washington, engages in the production and marketing of health products derived from marine based raw materials, as well as Tilapia.

The complaint alleges that, throughout the Class Period, defendants misrepresented and omitted material information regarding HQS’s financial condition and prospects. Specifically, the complaint alleges that during the Class Period, defendants failed to disclose: (i) that HQS’s financial results were overstated; (ii) the Company’s financial statements were not fairly presented in conformity with U.S. Generally Accepted Accounting Principles; and (iii) that HQS lacked adequate internal controls over its financial reporting.

On March 16, 2011, the Company announced that it would postpone the filing of its annual report on Form 10-K for the year ending December 31, 2010 until April 1, 2011. Following this announcement, the price of HQS stock fell $0.58 per share, or 15.1 percent, to close at $3.26.

On April 1, 2011, HQS announced that it would again postpone the filing of its 2010 Form 10-K “because the audit of the Company's financial statements has not been completed due to difficu[l]ties and delays in obtaining and verifying certain information.” On that day, trading in HQS stock was halted at $2.78 per share and, to date, the stock has not resumed trading.

On April 11, 2011, HQS disclosed in a Form 8-K filing with the SEC that the Chairman of its audit committee of the board of directors, Andrew Intrader, resigned on April 6, 2011. In his resignation letter, a copy of which was attached to the Form 8-K, Intrader disclosed problems in verifying information relating to HQS’s accounts and customer positions and that efforts by HQS’s audit committee to investigate the problems were “met with delay and resistance” by the Company’s management. Intrader stated that those events caused him to “lose faith in the management of the company and the path it is charting” and that he felt “compelled by conscience” to resign.

About Lieff Cabraser

Lieff, Cabraser, Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eight consecutive years.

For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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