SOURCE: Brower Piven, A Professional Corporation

May 17, 2011 18:39 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $500,000 From Investment in HQ Sustainable Maritime Industries, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 27, 2011, Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - May 17, 2011) - Brower Piven, A Professional Corporation 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 the common stock of HQ Sustainable Maritime Industries, Inc. ("HQS" or the "Company") (NYSE Amex: HQS) during the period between May 11, 2009 and April 1, 2011, inclusive (the "Class Period").

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 June 27, 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 defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that a substantial portion of the Company's revenues were overstated and its financial statements not fairly presented in conformity with Generally Accepted Accounting Principles. According to the complaint, after, on March 16, 2011, HQS announced that it would postpone the filing of its annual report on Form 10-K until April 1, 2011, and after, on April 1, 2011, it was revealed that HQS was still out of compliance with federal laws and AMEX listing standards, trading in the Company's shares were suspended by AMEX, after which, in a letter dated April 6, 2011, the Chairman of the Company's audit committee of the board of directors resigned and disclosed that the CEO had blocked the independent auditors from reviewing data necessary to audit the reported sales and revenues of HQS.

If you have suffered a net loss for all transactions in HQ Sustainable Maritime Industries, Inc. common stock 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 60 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