Damn EXACTLY what I stated back in 2007 about CWPC/BQI, grossly misleading and when the stock hit $8.00 it was grossly overvalued. But did the nubs listen, hell no they bashed me calling me a idiot and a fraud and followed thier clueloess leader JW4 who claimed the stock was worth more then $40 and only a fool would sell, it was the play of the CENTURY. To funny. And check the RB board barryz1
Scott+Scott LLP Announces Class Action Lawsuit Against Oilsands Quest Inc. and Others on Behalf of Investors -- BQI
On February 24, 2011, Scott+Scott LLP filed a class action complaint against Oilsands Quest Inc. ("Oilsands Quest" or the "Company") (AMEX:BQI) and certain of the Company's officers in the U.S. District Court for the Southern District of New York. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock and other publicly-traded securities of Oilsands Quest 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.
If you purchased Oilsands Quest common stock or other Oilsands Quest securities during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, http://www.scott-scott.com) for more information. There is no cost or fee to you.
The complaint filed in the action charges that, during the Class Period, Oilsands Quest and certain of its officers and directors overstated the value of the Company's assets by more than $136 million in violation of Generally Accepted Accounting Practices ("GAAP").
As alleged in the complaint, on August 14, 2006, Oilsands Quest acquired the minority interest in its operating subsidiary, OQI Sask, that the Company did not already own. The Complaint alleges that Oilsands Quest's Class Period financial reports and statements issued thereafter were false and misleading in that: (a) defendants 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; (b) Oilsands Quest's financial statements overstated the value of the Company's interest in OQI Sask and were presented in violation of GAAP throughout the Class Period; and (c) contrary to defendants' Class Period assurances, the Company's internal controls were inadequate to prevent it from improperly inflating the value of its assets.
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. Meanwhile, the complaint alleges, as a result of defendants' false statements, Oilsands Quest's stock price traded at artificially inflated levels during the Class Period, trading as high as $6.75 per share on June 23, 2008, but that as the truth seeped into the market, the Company's shares were hammered by massive sales, sending them down 87% from their Class Period high.
Oilsands Quest Responds to Class Action Complaint Mar. 1, 2011 (Canada NewsWire Group) -- CALGARY, March 1 /CNW/ -
Oilsands Quest Inc. (NYSE Amex: BQI) ("Oilsands Quest" or "the Company") has been notified of a purported class action lawsuit. The complaint, filed in the U.S. District Court for the Southern District of New York, alleges that, due to an overstatement of the accounting value of the Company's assets during a three-year period between 2006 and 2009, the trading price of the Company's securities was artificially inflated during that period, to the detriment of shareholders.
Oilsands Quest management believes that the complaint is without merit. The Company intends to defend this lawsuit vigorously.
About Oilsands Quest
Oilsands Quest Inc. ( http://www.oilsandsquest.com ) is exploring and developing oil sands permits and licences, located in Saskatchewan and Alberta, and developing Saskatchewan's first commercial oil sands discovery. It is leading the establishment of the province of Saskatchewan's emerging oil sands industry.
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