Oilsands Quest Being Sued

Oilsands Quest Being Sued

Wednesday, March 02, 2011 at 14:34

Oilsands Quest is facing a class-action lawsuit.

The company, which has been looking for oil north of La Loche, is being sued by an investor in New York.

The investor says officials with the company made misleading statements while engaging in a scheme to artificially inflate the price of Oilsands Quest common stock.

As a result, the plaintiff and other investors suffered economic losses.

He wants compensation and is demanding a trial by jury.

The company has responded to the lawsuit saying it believes the complaint is without merit and will defend itself vigorously.

None of the claims have been proven in court.