SOURCE: Dyer & Berens LLP

Dyer & Berens LLP

March 10, 2011 12:14 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Oilsands Quest Inc. Securities Between 8/14/06 and 7/14/09; Announces Upcoming Investor Deadline (BQI)

DENVER, CO--(Marketwire - March 10, 2011) - The Denver, Colorado law firm of Dyer & Berens LLP ( today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of investors who purchased Oilsands Quest Inc. ("Oilsands Quest" or the "Company") (NYSE Amex: BQI) securities between August 14, 2006 and July 14, 2009, inclusive (the "Class Period"). 

What actions may I take at this time? If you purchased during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than April 25, 2011. If you would like to discuss this action, the lead plaintiff process, or have any questions concerning this notice, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362 x302 or via email at Any member of the putative class may request a lead plaintiff appointment through counsel of its choice or may choose to do nothing and remain an absent class member. 

What are the allegations in the complaint? Oilsands Quest (f/k/a CanWest Petroleum Corporation), a Colorado corporation, explores for and develops oil sands deposits in the provinces of Saskatchewan and Alberta, Canada. The complaint alleges that, throughout the Class Period, defendants' public statements were materially false and misleading because they misrepresented and overstated the value of the Company's assets by more than $136 million, which stemmed from a failure to properly account for Oilsands Quest's acquisition of the minority interest of its operating subsidiary, OQI Sask, in August 2006. On July 14, 2009, the Company disclosed that certain of its financial reports should no longer be relied upon and would be restated, and that Oilsands Quest's internal controls were deficient throughout the Class Period. As a result of defendants' false statements, Oilsands Quest's stock price traded at inflated levels during the Class Period, trading as high as $6.75 per share on June 23, 2008. However, after the truth seeped into the market, the Company's shares were hammered by massive sales, sending them down 87% from their Class Period high. Based upon the foregoing, the complaint charges Oilsands Quest and certain of the Company's officers with violations of the Securities Exchange Act of 1934.

About Dyer & Berens LLP. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. 

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    303 East 17th Avenue, Suite 300
    Denver, CO 80203
    Tel: (888) 300-3362 x302
    Email: Email Contact