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The Rosen Law Firm Announces Class Action Lawsuit Against JBI, Inc.
Press Release |
2011/08/01 04:04
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The Rosen Law Firm, P.A. announces that a class action lawsuit for violations of the federal securities laws has been filed against JBI, Inc. /quotes/zigman/573088 JBII +5.11% based on allegations that the company issued materially misleading financial statements to the investing public. If you purchased JBI stock during the period from August 28, 2009 to July 20, 2011 you can join the class action and seek to recover your investment losses.
To join the JBI class action, visit the firm's website at http://www.rosenlegal.com , or call Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email jhorne@rosenlegal.com for information on the class action. The case is pending the U.S. District Court for the District of Nevada.
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that JBI materially overstated its income in connection with its acquisition of JavaCo, Inc. in 2009. As part of the transaction JBI exchanged 1 million shares of its stock for $9,997,134 worth of media credits. The Complaint alleges that JBI's financial statements were false and misleading because (1) 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 (GAAP); (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 disclosed that its previously issued financial statements for the 2009 fiscal year and third quarter should no longer be relied upon. On July 14, 2011, the Securities and Exchange Commission advised the Company that it was recommending enforcement action against it and possibly one or more of its former officers in connection with the Company's issuing materially inaccurate financial statements.
News that JBI was required to restate its financial statements and was subject to an SEC enforcement action for violation of the federal securities laws has caused its stock price to drop substantially, damaging investors.
You may participate in the securities class action lawsuit to recover your investment losses. If you purchased JBI stock, please visit the website at http://rosenlegal.com to participate in the class action and to obtain more information. You may also contact Laurence Rosen or Phillip Kim of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at or lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. |
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Court upholds Chinese journalist's jail sentence
Legal World News |
2011/08/01 01:03
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The lawyer for a Chinese journalist behind bars after writing about suspected corruption says a court has rejected an appeal against a new sentence ordered just before the reporter was to be released.
Beijing attorney Wang Quanzhang says he received on Monday the decision on the case of reporter Qi Chonghuai by a court in Shandong province.
Wang says the case sets a dangerous precedent because Qi was being tried a second time in June on similar charges to those which he faced in 2008. Qi was near the end of a four-year jail term when the second trial resulted in another eight years' imprisonment.
Rights groups say Qi was arrested in 2007 after he wrote about a local official who had beaten a woman for coming late to work. |
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NJ court rules against son in Plain estate dispute
Headline Legal News |
2011/07/26 09:02
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A New Jersey court has ruled against the son of Belva Plain in a dispute over the late author's estate.
John Plain had claimed his mother, the bestselling author of more than 20 novels, and sisters had schemed to cut him out of her will.
Attorneys for Belva Plain's estate argued that her son had signed an agreement in the 1990s vowing not to contest her will.
Friday's decision in state Superior Court in Essex County dismissed John Plain's claim. Plain's lawyer said he was reviewing the decision.
Belva Plain began writing her novels after raising her children and becoming a grandmother. When she died in her sleep last fall at her home in New Jersey at age 95, more than 28 million copies of her books were in print. |
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Court denies motion to stop Loughner medication
Law News |
2011/07/25 08:28
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A federal court Friday night denied an emergency motion by defense lawyers to keep prison officials in Missouri from forcibly medicating the Tucson shooting rampage suspect with a psychotropic drug.
In a one-page ruling, judges from the 9th Circuit Court of Appeals also denied a request by Jared Lee Loughner's attorneys for daily reports about his condition at a federal prison facility in Springfield, Mo.
The judges said their denial is without prejudice to the defense seeking appropriate relief in the district court. The 9th Circuit had previously scheduled an Aug. 30 hearing in San Francisco on an appeal by Loughner's lawyers over forced medication. It wasn't immediately clear if that hearing will still be held.
Calls to lead Loughner attorney Judy Clarke for comment Friday night weren't immediately returned.
Federal prosecutors said in a filing earlier Friday that Loughner should remain medicated because he may be a danger to himself and his mental and physical condition was rapidly deteriorating.
Loughner's attorneys questioned Thursday whether the forced medication violates an earlier order by the 9th Circuit that forbid prison officials from involuntarily medicating Loughner as the court mulls an appeal on his behalf. They also said their client has been on 24-hour suicide watch.
U.S. Attorney for Arizona Dennis Burke wrote in his filing Friday that despite being under suicide watch, Loughner's unmedicated behavior is endangering him and that no measure short of medication will protect him from himself more than temporarily because they do not address the mental state which underlies his self-destructive actions. |
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Sparks Justice Court to be open four days a week
Legal News Digest |
2011/07/25 08:28
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Sparks Justice Court is planning to go to four-day work weeks because of budget cuts.
Justice of the Peace Kevin Higgins says court staff will work from 7:30 a.m. to 5 p.m. Tuesdays through Fridays, and take only a half-hour lunch. Public access will be 8-5 on those days.
He says the court like other agencies is under a mandate to cuts wages and benefits by 7 percent, and the compact work week was the only option allowing the court to continue services without losing more staff.
He says judges will still be available for emergency matters, such as processing search warrants and protective orders.
The change needs confirmation from the Washoe County Commission, but is expected to take effect Aug. 15 and last the rest of the fiscal year. |
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