| Company: | HQ Sustainable Maritime Industries Inc, |
| Ticker Symbol: | HQS |
| Class Period: | May-11-09 to Apr-1-11 |
| Date Filed: | May-4-11 |
| Lead Plaintiff Deadline: | Jul-3-11 |
| Court: | Western District of Washington |
| Allegations: | |
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 acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
