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Investors Hit Oilsands Quest Over $136M Adjustment

Law360 (February 25, 2011, 1:42 PM EST) -- Oilsands Quest Inc. investors filed a class action in New York federal court Thursday alleging the Canadian oil producer overstated asset valuations by more than $136 million, leading to a collapse of the company's stock when the error was revealed.

According to a complaint filed in the U.S. District Court for the Southern District of New York, Oilsands Quest was forced to restate its fiscal year 2008 earnings because the method used to tally the value of its operating subsidiary violated generally accepted accounting principles....
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