Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in JBI, Inc. to Inquire About the Lea...
August 19 2011 - 3:45PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the District of Nevada on behalf of purchasers of the
common stock of ("JBI, Inc." or the "Company") (PINKSHEETS: JBII)
during the period between August 28, 2009 and July 20, 2011,
inclusive (the "Class Period").
If you have suffered a net loss for all transactions in JBI,
Inc. common stock during the Class Period, you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than September 26, 2011 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that the media credits acquired
by the Company in connection with the acquisition of JavaCo were
substantially overvalued; that the Company was improperly
accounting for acquisitions; that, as such, the Company's financial
results were not prepared in accordance with Generally Accepted
Accounting Principles; and that, as a result of the above, the
Company's financial statements were materially false and
misleading. According to the complaint, after, on May 21, 2010, JBI
disclosed that its previously issued financial statements for the
2009 fiscal year and third quarter should no longer be relied upon
due to the accounting treatment and related disclosures of two
acquisitions completed in 2009 and the valuation of media credits
acquired by JBI through the issuance of common stock, and after, on
July 20, 2011, JBI disclosed that the staff of the United States
Securities and Exchange Commission's ("SEC") Division of
Enforcement issued a "Wells Notice" to JBI indicating that the
staff intended to recommend that the SEC file a civil lawsuit
alleging that the Company violated certain provisions of the
federal securities laws, that the SEC staff may also recommend
naming one or more current and former officers of JBI as
defendants, and that JBI believed that the proposed lawsuit related
to the Company's restated financial statements for the 2009 fiscal
year and third quarter, the value of JBI stock declined
significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this time
to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Stevenson, Maryland 410/415-6616 Email Contact
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