Zeldes & Haeggquist, LLP Announces Investigation of HQ Sustainable Maritime Industries, Inc.
May 16 2011 - 3:34PM
Business Wire
Zeldes & Haeggquist, LLP, a shareholder and consumer rights
litigation firm, has commenced an investigation into possible
breaches of fiduciary duty and other violations of law by certain
officers and directors at HQ Sustainable Maritime Industries
(“HQ”). HQ produces and sells seafood products, including Tilapia
fish, in China and the United States. Its common stock is traded on
the American Stock Exchange under the ticker symbol HQS.
Zeldes & Haeggquist’s investigation concerns whether certain
of the Company’s officers and directors caused HQ to materially
overstate the Company’s sales, revenue and net income during fiscal
years 2009 and 2010, artificially inflating the Company’s stock
price. Specifically, Zeldes & Haeggquist is investigating
whether the Board members breached their fiduciary duties by
putting their own self interest above that of HQ and its
shareholders, exposing the Company to potential criminal liability
and hundreds of millions of dollars in civil liability for
violations of the federal securities laws.
On March 16, 2011, HQ announced that it was unable to file its
financial statements and annual report with the SEC on that date,
as required by the federal securities laws, and was seeking a
15-day extension to April 1, 2011. Then on April 1, investors
discovered that HQ was still out of compliance with federal
securities laws and AMEX listing standards, causing trading in the
stock to be suspended by the AMEX. HQ shares closed trading on
April 1, 2011 at $2.78 per share, were suspended and have not
resumed trading since.
On April 6, 2011, the Chairman of HQ’s audit committee, Andrew
Intrader, abruptly resigned, saying he felt “compelled by
conscience” to resign and disclosed some previously concealed
accounting issues. Intrader stated that HQ’s CEO had blocked the
Company’s independent auditors from reviewing data necessary to
audit the reported sales and revenues of HQ.
If you currently own shares of HQ Sustainable Maritime
Industries, Inc. stock and would like additional information
regarding this investigation, or if you have information regarding
the allegations involved, please contact attorney Amber L. Eck at
619-342-8000 or by email at ambere@zhlaw.com.
Zeldes & Haeggquist is a full-service law firm which brings
major class actions nationwide on behalf of defrauded investors and
consumers and handles a variety of complex business litigation
matters. Please visit www.zhlaw.com for more information.
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