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The Rosen Law Firm Announces Class Action Lawsuit Against JBI, Inc.
Press Release |
2011/08/01 09:02
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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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Ex-Schuyler teacher seeks OK to plead guilty
Headline Legal News |
2011/08/01 07:02
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A former Schuyler teacher accused of sending nude photos and sexually explicit text messages to a student is asking to plead guilty.
The Columbus Telegram reports that 26-year-old Jesse Harmon faces federal charges of enticing a minor in sexually explicit conduct, visual depiction of sexually explicit conduct and possession of child pornography.
According to a document filed last month, Harmon requested permission to plead guilty.
A police affidavit filed in Colfax County District Court says Harmon's texts included nude photos of himself, talk about sexual contact and requests for suggestive photos of the 16-year-old student.
A federal hearing for Harmon is scheduled for Aug. 19. He had pleaded not guilty in the state case before it was dropped. |
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NJ high court to rule in case of retired judge
Headline Legal News |
2011/08/01 07:02
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New Jersey's Supreme Court has upheld the censure of a retired Superior Court judge.
Steven Perskie was disciplined in March for not recusing himself in a timely fashion from a case involving his former campaign treasurer. A state Supreme Court committee also found Perskie was not forthcoming in his remarks to a Senate committee about the incident when he was facing re-appointment.
Today's ruling found Perskie shouldn't have rejected a request during a 2006 case that he recuse himself. He later recused himself for different reasons.
The court also found that Perskie didn't intentionally mislead the Senate committee when he answered questions about the incident.
Perskie served on the Superior Court in Atlantic County and retired in January 2010. He also served as a state legislator.
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NJ court rules against son in Plain estate dispute
Headline Legal News |
2011/07/26 09:03
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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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Trial won't feature unreleased Jackson footage
Court Watch |
2011/07/26 09:03
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Jurors in the Michael Jackson manslaughter case will not watch previously unseen footage from the singer's final rehearsals to determine the state of his health before his death, a judge ruled Monday.
Superior Court Judge Michael Pastor agreed with the characterization of a defense attorney for Dr. Conrad Murray that more than 100 hours of rehearsal footage condensed into the film "This Is It" did not show the singer in poor health.
Pastor also agreed with attorneys for Sony Pictures Entertainment that the clips have significant value and should not be publicly shown without a good reason.
"There is absolutely nothing in those materials that could have been of assistance to the defense," Pastor said.
The judge reviewed several hours of the footage last week then canceled plans to travel to Sony Studios over the weekend to finish watching the rest of the film that attorneys wanted to use during the upcoming trial of Murray.
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