A U.S. law firm is trying to start a class action lawsuit aimed at Oilsands Quest, a company that is developing oilsands projects in Saskatchewan.

Lawyers behind the legal action claim Oilsands Quest overstated its worth to shareholders by more that $136 million, between 2006 and 2009.

The allegations in the claim have not been proven.

In a news release issued Tuesday, officials from Oilsands Quest said the claim was baseless.

"Oilsands Quest management believes that the complaint is without merit," the release said. "The company intends to defend this lawsuit vigorously."

As of Tuesday, the law firm behind the claim was still looking for clients to sign on to the proposed class action.