The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in JBI, Inc. of the Filing of a Class Action Lawsuit and the September 26, 2011 Deadline to Seek Lead Plaintiff Status
NEW YORK, NY--(Marketwire - Aug 23, 2011) - Levi & Korsinsky 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. ("JBI" or the "Company") (PINKSHEETS: JBII) during the period of August 28, 2009 and July 20, 2011 (the "Class Period").
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The complaint alleges that during the class period, JBI and certain of its officers and directors issued misleading statements regarding the value of media credits obtained through various acquisitions. The complaint also alleges that the Company failed to prepare financial results in accordance with Generally Accepted Accounting Principles (GAAP) and failed to maintain sufficient internal and financial controls at the Company.
On May 21, 2010, the Company disclosed that its financial statements for the 2009 fiscal year and 2009 third quarter should no longer be relied upon. Upon this news, shares of JBI declined more than 20% per share. Furthermore, on July 20, 2011, JBI disclosed that the SEC's Division of Enforcement issued a "Wells Notice" indicating the staff's intention to recommend that the SEC file a civil lawsuit against the Company.
If you are a member of the class and suffered a loss in JBI stock, you have until September 26, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit zlk.com. |
