A settlement was reached in the lawsuit filed on behalf of certain investors of JBI Inc (OTC: JBII) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on April 17, 2015 and OTC: JBII investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/23/2015 -- A deadline is coming up on April 17, 2015 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of JBI Inc (OTC: JBII) between August 28, 2009 and January 4, 2012.
Investors who purchased a significant amount of shares of JBI Inc (OTC: JBII) between August 28, 2009 and January 4, 2012, have certain options and you should contact the Shareholders Foundation by email at firstname.lastname@example.org or call +1(858) 779 - 1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the JBI Inc (OTC: JBII) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/jbi-inc-otc-jbii-investor-securities-class-action-lawsuit-07282011
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is April 17, 2015. The class action administrator for this case is Gilardi & Co. LLC.
The lawsuit was originally filed in in the U.S. District Court for the District of Nevada against JBI Inc over alleged Violations of Federal Securities Laws. The investor lawsuit follows a recent sharp stock price decline. According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased the securities of JBI Inc (OTC: JBII), between August 28, 2009 and July 20, 2011, JBI Inc and certain of its current and former executive officers violated between August 28, 2009 and July 20, 2011 the Securities Exchange Act of 1934 by knowing or recklessly disregarding that their public statements concerning JBI Inc's business, operations and prospects were materially false and misleading at the time they were made.
Specifically, on May 21, 2010, JBI Inc announced that its previously issued financial statements for the 2009 fiscal year and third quarter should no longer be relied upon due to the accounting treatment and related disclosures of two acquisitions completed in 2009, and the valuation of media credits acquired by JBI Inc. through the issuance of common stock.
JBI Inc reported an increase in its annual Total Revenue from $3.91million in 2009 to $12.42million in 2010. However its Net Income, respectively its Net Loss grew from a Net Loss of $1.84million in 09 to a Net Loss of $14.34million in 2010. Even though JBI Inc reported a lower first quarter Net Loss for the first quarter in 2011 of $2.76million compared to a first quarter Net Loss of $3.18million a year earlier, its first quarter Revenue decreased from $3.57million last year to $2.20million for the first quarter this year.
Shares of JBI Inc (OTC: JBII) rose on June 15, 2011 to as high as $4.15 per share, but fell on July 15, 2011 to as low as $1.75 per share after JBI Inc disclosed that on July 14, 2011, the staff of the U.S. Securities and Exchange Commission's (SEC) Division of Enforcement issued a "Wells Notice" to JBI Inc, indicating that the staff intended to recommend that the SEC file a civil lawsuit alleging that JBI Inc violated certain provisions of the federal securities laws .
JBI Inc also disclosed that based on communications with the Enforcement staff, it believes that the proposed lawsuit relates to JBI Inc's subsequently restated financial statements for the third quarter of 2009, which were included in its Form 10-Q filed on November 16, 2009 and its financial statements for the year ended December 31, 2009, which were included in its 2009 Form 10-K filed on March 31, 2010.
Those who purchased shares of JBI Inc (OTC: JBII) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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