This is the reply received frm IR regarding my inquiry a few days ago requesting the status of the class action lawsuit. My original e-mail is appended below. It would appear that the company expects the matter to be discontinued in Colorado and will proceed in NY. BQI considers the action without merit and is defending with the support of its insurer. THis implies that the insurer's obligation to defend has been triggered and the insurer is paying for the defence and would also cover any settlement costs or damage awards.
The lead plaintiff motion has been filed in both New York and Colorado and a hearing was held in New York yesterday on the lead plaintiff motion. The judge requested further information from the plaintiff in support of their motion and set a schedule for providing that information. While the suit has not yet been discontinued in Colorado, we expect that plaintiff’s counsel will do so shortly.
We continue to believe that the claim is without merit and we intend to defend the matter vigorously, with the support of our insurer. We will update our shareholders whenever we are able to do so.
Thank you for your continued interest in Oilsands Quest.
Oilsands Quest Inc.
My original inquiry:
I was wondering whether you are able to provide an update on the class action lawsuit?
I have noted that the deadline has passed to acquire a lead plaintiff and I assume that has occurred.
I am also assuming that your insurer has committed to defend and is covering any damage awards or settlements.
Are you able to confirm these assumptions and provide an update as to the status of this matter?
Thank you in advance.
PS Unless you otherwise advise, I am assuming that your answer can be posted in a public forum.