SOURCE: Brower Piven, A Professional Corporation

March 03, 2011 13:45 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in Oilsands Quest Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 25, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - March 3, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock and other publicly-traded securities of Oilsands Quest ("Oilsands Quest" or the "Company") (NYSE Amex: BQI) during the period between August 14, 2006 and July 14, 2009, inclusive (the "Class Period"), including Oilsands Quest's "Exchangeable Shares" offered as consideration for the minority interest in OQI Sask on August 14, 2006; Oilsands Quest's "units" first publicly offered on December 5, 2007 at $5.00 per unit; Oilsands Quest common stock shares publicly offered on December 5, 2007 on a flow-through basis at $6.11 ($6.17 CDN) per share; and Oilsands Quest's "units" first publicly offered on May 1, 2009 at $0.85 per unit.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 25, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the Oilsands Quest and certain of its officers and directors of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company failed to properly account for Oilsands Quest's acquisition of the minority interest of OQI Sask in August 2006, materially overstating the value of OQI Sask throughout the Class Period. According to the Complaint, as the true state of affairs gradually became known, including after, on July 14, 2009, the Company issued a release disclosing that the Company's FY 2007, FY 2008 and Q-1, Q-2 and Q-3 2009 financial reports should no longer be relied upon, that its previously issued financial reports would be restated, and that Oilsands Quest's internal controls were deficient throughout the Class Period, the value of Oilsands Quest shares declined significantly.

If you have suffered a net loss for all transactions in Oilsands Quest common stock or other Oilsands Quest securities during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact