Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action Lawsuit Against HQ Sustainable Maritime Industries, Inc. (HQS)
May 16 2011 - 9:30AM
Business Wire
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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