HQ Sustainable Maritime Industries (HQSMI) started trading on the New York Stock Exchange (NYSE) in May 2004 through a reverse merger. On 17 March 2011, HQSMI announced a delay compiling FY10 financials. It transpired that auditors Schwartz Levitsky Feldman could not confirm cash balances, sales, invoices and various expenses. The head of the audit committee resigned in April citing management's failure to cooperate and the auditors followed suit in June. Management released false information surrounding both resignations. In July, the SEC initiated an investigation and HQSMI's shares were delisted from the NASDAQ. The company's listing was revoked in April 2012.

Last updated August 2021

The information on this page has been compiled from publicly available sources. GMT Research Limited has not verified the information and does not warrant its accuracy. Any claims made or views expressed are not necessarily those of GMT Research Limited.