Glancy Binkow & Goldberg LLP, Representing Shareholders of JBI, Inc., Announces an Important Lead Plaintiff Deadline in the S...
September 20 2011 - 9:45PM
Glancy Binkow & Goldberg LLP announces that all persons or
entities who purchased the securities of JBI, Inc. ("JBI" or the
"Company") (OTCQX:JBII) between August 28, 2009 and July 20, 2011,
inclusive (the "Class Period"), have until September 26, 2011 to
file a motion with the Court to be appointed as Lead Plaintiff. The
securities fraud class action lawsuit was filed in the United
States District Court for the District of Nevada.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201‑9150 or Toll Free at (888) 773‑9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
The Complaint charges JBI and certain of the Company's current
and former executive officers with violations of federal securities
laws. JBI purports to be a domestic alternative oil and gas
company. In 2009, the Company acquired JavaCo, Inc. ("JavaCo")
from Domark International, Inc. ("Domark") and also issued 1
million shares of JBI to Domark in exchange for media credits
valued at $9,997,134. The Complaint alleges that throughout
the Class Period defendants made false and/or misleading statements
and/or failed to disclose: (1) that the media credits acquired by
the Company in connection with the acquisition of JavaCo were
substantially overvalued; (2) that the Company was improperly
accounting for acquisitions; (3) that, as such, the Company's
financial results were not prepared in accordance with Generally
Accepted Accounting Principles; (4) that the Company lacked
adequate internal and financial controls; and (5) that, as a result
of the above, the Company's financial statements were materially
false and misleading at all relevant times.
On May 21, 2010, JBI filed a Form 8-K with the Securities and
Exchange Commission (SEC) stating that the Company's previously
issued financial statements for the year ended December 31, 2009,
and the interim financial statements for the period ended September
30, 2009, should no longer be relied upon due to questions
regarding "the accounting treatment and related disclosures of two
acquisitions which were completed during 2009 and the valuation of
media credits acquired by the Company during 2009 through the
issuance of common stock." On this news, shares of JBI
declined $0.65 per share, more than 21%, to close on May 21, 2010,
at $2.40 per share, on heavy volume, and further declined an
additional $0.80 per share, more than 33%, to close on May 24,
2010, at $1.60 per share, on heavy volume.
Then, on July 20, 2011, JBI disclosed that the 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. According
to the Company, the proposed lawsuit relates to the Company's
restated financial statements for the third quarter and year ended
December 31, 2009, which concerned the Company's "valuation of
media credits, accounting for certain acquisitions, and equity
issuances." Following this news, JBI shares declined
$0.62 per share, nearly 24%, to close on July 21, 2011, at $2.00
per share, on unusually heavy trading volume.
If you are a member of the class described above, you may move
the Court, no later than September 26, 2011, to serve as lead
plaintiff; however, you must meet certain legal requirements. To be
a member of the class you need not take action at this time; you
may retain counsel of your choice or take no action and remain an
absent class member. If you wish to discuss this action or
have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue
of the Stars, Suite 311, Los Angeles, California 90067, by
telephone at (310) 201‑9150, Toll Free at (888) 773‑9224, by e‑mail
to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
CONTACT: Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy (310) 201-9150 or (888) 773-9224
Michael Goldberg
shareholders@glancylaw.com
www.glancylaw.com
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