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If you purchased shares of HQ Sustainable Maritime Industries Inc (AMEX: HQS), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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November 18, 2013 - The court ordered the authorization of the distribution of the net settlement fund.
March 21, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
November 1, 2012 - The court preliminarily approved the settlement.
September 28, 2012 - Parties filed a stipulation of settlement.
February 7, 2012 - The defendants filed motions to dismiss.
November 22, 2011 - The lead plaintiff filed an amended complaint.
September 28, 2011 - The court denied the plaintiff's motion for reconsideration.
September 22, 2011 - A plaintiff filed a motion for reconsideration of the lead plaintiff and counsel order.
September 12, 2011 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
June 27, 2011 - The lead plaintiff motions were filed.
April 28, 2011 - An investor in shares of HQ Sustainable Maritime Industries Inc (AMEX: HQS now trading on the OTC sheets as HQSM) filed a lawsuit in the U.S. District Court for the Western District of Washington against HQ Sustainable Maritime Industries Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 11, 2009 and April 1, 2011.
According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of HQ Sustainable Maritime Industries Inc (AMEX: HQS) between May 11, 2009 and April 1, 2011 that HQ Sustainable Maritime Industries Inc and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between May 11, 2009 and April 1, 2011 material adverse facts about its true financial condition, business and prospects.
HQ Sustainable Maritime Industries Inc reported increasing revenue from 2006 to 2009. HQ Sustainable Maritime Industries Inc reported a 12 month Total Revenue of $39.09 million in 2006 and $72.29 million in 2009. Its Net Income rose from $0.87 million in 2006 to $8.10 million in 2009. For the first three quarters in 2010 HQ Sustainable Maritime Industries Inc reported a combined nine months Total Revenue of $63.25 million with a combined nine months Net Income of $9.70 million.
However shares of HQ Sustainable Maritime Industries Inc (AMEX: HQS) traded during 2007 as high as $12.69 per HQS shares and during 2008 as high as over $15 per share. During 2010 HQS shares fell to as low as $2.67 per share.
On March 17, 2011, HQ Sustainable Maritime Industries Inc announced that it had postponed the filing of its Form 10-K for the year ended December 31, 2010, due to delays in compiling the information necessary for the preparation of the financial statements. HQ Sustainable Maritime Industries Inc said it expects to complete the audit within approximately 30 days. The value of HQ Sustainable Maritime Industries Inc's (AMEX: HQS) stock declined from $3.88 on March 15 to $2.87 on March 17.
The plaintiff alleges that after the close of the market on April 1, 2011, investors learned that HQ Sustainable Maritime Industries Inc was still out of compliance with federal laws and AMEX listing standards, causing trading in HQ Sustainable Maritime Industries Inc’s shares to be suspended by the AMEX. HQS shares closed trading on April 1, 2011 at $2.78 per share.
In a letter dated April 6, 2011 the Chairman of HQ Sustainable Maritime Industries Inc’s audit committee of the board of directors resigned.