Overview Of The Settlement
Collins v. Oilsands Quest Inc., et al., Case No. 11 CV 1288 (JSR)
This Litigation is a securities fraud class action brought by Lead Plaintiffs on behalf of themselves and the Settlement Class, against Oilsands Quest, Inc., certain of its former officers and directors, and McDaniel, Oilsands’ petroleum consultant, for allegedly issuing materially false and misleading public statements about: (1) the value of the Company’s mineral rights over more than a million acres of property in Canada’s Alberta and Saskatchewan provinces; (2) the ability of the Company to physically and economically recover oil from its property; and (3) the accuracy of the Company’s financial statements. Plaintiffs allege that these purportedly false and misleading statements inflated the price of Oilsands’ stock, resulting in damages when the truth was revealed.
The Defendants deny each and all of the claims and contentions alleged in the Litigation. The Defendants expressly have denied and continue to deny all charges of wrongdoing or liability against them arising out of any of the conduct, statements, acts or omissions alleged, or that could have been alleged, in the Litigation. The Defendants also deny, among other things, the allegations that they made any misrepresentations or omissions and that any statements about Oilsands were misleading in any respect; that the Lead Plaintiffs or the Settlement Class have suffered damage; or that the price of Oilsands stock was allegedly inflated by reasons of alleged misrepresentations, non-disclosures or otherwise.
The Court has not reached any final decisions in connection with Plaintiffs’ claims against Defendants. After taking in account the uncertain outcome and the risk of any litigation, especially in complex actions such as this Litigation, as well as the difficulties and delays inherent in such litigation, Plaintiffs and Defendants have agreed to a Settlement in the amount of $10,235,000. For more information about the Litigation and Settlement, please see the Court Documents and Notice sections of this website.
What Are My Options?
- FILE A CLAIM. This was the only way to get a payment. If you wished to obtain a payment as a member of the Class, you needed to file a Proof of Claim and Release form so that it was postmarked no later than June 24, 2013.
- DO NOTHING. If you did nothing, you will receive no payment, you will remain a Class Member, and you will be bound by any judgment entered with respect to the Settlement in the Action against Defendants.
Please consult the Notice for more details on your options.
Final Approval Hearing
The Court held a Settlement Hearing on June 14, 2013, at 3:00 p.m., before the Honorable Jed S. Rakoff, United States District Judge, Southern District of New York, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, New York. Pursuant to the hearing, the Court considered the adequacy, reasonableness and fairness of the Settlement, and granted Final Approval.