NEW YORK, Feb. 10, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at JBI, Inc. ("JBI" or the "Company") (OTCQX: JBII). Faruqi & Faruqi, LLP seeks to determine whether JBI has violated the federal securities laws in connection with allegations of a scheme to commit securities and accounting fraud.
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Specifically, the investigation concerns possible breaches of fiduciary duties by the Company's officers and directors in connection with erroneous booking of media credits in violation of generally accepted accounting principles ("GAAP"). The officers and directors' actions have led to the filing of a complaint against JBI by the Securities and Exchange Commission. The Commission alleges that the Company erroneously booked the media credits at a value of $9.997 million, thereby becoming the single largest asset on the Company's balance sheet, when they should have been initially booked at a value of $1,000,000 when acquired in August 2009, and subsequently, the media credits should have been remeasured at their current value and written down to zero as of the end of the company's third fiscal quarter on September 30, 2009.
Take Action
If you a current JBI shareholder and you would like to discuss your legal rights, visit www.faruqilaw.com/JBII. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to bkeller@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding JBI's conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP is a boutique law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The firm is focused on providing exemplary legal services in complex litigation. Founded in 1995, the firm maintains its principal office in New York City, with offices in Delaware, California, Florida and Pennsylvania. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.
Contact Information:
Beth Keller, Esq.
FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
E-mail: bkeller@faruqilaw.com
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