PTOI Plastic2Oil Inc (PK)

Law Offices of Howard G. Smith announces that all persons or entities who purchased the securities of JBI, Inc. ("JBI" or the "Company") (Pink Sheets: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.

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 approximately $9.9 million. 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 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. 

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased JBI securities between August 28, 2009 and July 20, 2011, you have until September 26, 2011 to move for lead plaintiff status. To be a member of the class you need not take any 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com.      

CONTACT: Law Offices of Howard G. Smith
         Howard G. Smith, Esquire
         (215) 638-4847
         (888) 638-4847
         howardsmith@howardsmithlaw.com
         www.howardsmithlaw.com