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. (AMEX: HQS) who purchased stock between May 11, 2009 and April 1, 2011.
New York, NY, May 05, 2011 — 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 [email protected] 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.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street – 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
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Contact:
Joanna Chlebus
Levi & Korsinsky, LLP
30 Broad St, 15th Floor
New York, NY 10004
212-363-7500
[email protected]
