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Published in House and Home on Wednesday, May 4th 2011 at 20:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of HQ Sustainable Maritime Industries, Inc. (aHQSa or the aCompanya) (AMEX: HQS) between May 11, 2009 and April 1, 2011, inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Western District of Washington.
HQS 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 failed to disclose material adverse facts about the Companya™s true financial condition, business and prospects. Specifically, the Complaint alleges: (i) that a substantial portion of the Companya™s revenues were overstated; (ii) that HQSa™ financial statements were not fairly presented in conformity with U.S. Generally Accepted Accounting Principles and were materially false and misleading; (iii) that HQS was operating with material deficiencies in its system of internal control over its financial reporting; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and growth.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased HQS securities between May 11, 2009 and April 1, 2011, you have certain rights, and have 60 days from April 28, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].
