Oilsands Quest Responds to Class Action Complaint
CALGARY, March 1 /CNW/ --
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. (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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Investor Relations
Email: ir@oilsandsquest.com
Investor Line: 1-877-718-8941