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?

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.





Important Dates
DateDeadline
May 31, 2013
[Expired]
Exclusion Deadline
(postmarked)
May 31, 2013
[Expired]
Objection Deadline
(filed and received)
June 14, 2013
at 3:00 p.m.
[Approved]
Final Approval Hearing
June 24, 2013
[Expired]
Claim Form Deadline
(postmarked)

Your Options