Jbi, Inc. (QB) (USOTC:JBII)
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2 Years : From Dec 2011 to Dec 2013
Levi & Korsinsky is investigating potential claims on behalf of
purchasers of JBI, Inc. (“JBI” or the “Company”) (PINK: JBII) securities
concerning possible violations of federal securities laws.
For more information, click here: http://www.zlk.com/jbi-jbii.
The investigation concerns possible breaches of fiduciary duties by the
Company's officers and directors in connection with the erroneous
booking of media credits in violation of generally accepted accounting
principles ("GAAP"). On January 4, 2012, the Securities and Exchange
Commission (the “SEC”) filed a complaint alleging that JBI materially
overstated certain assets in its 2009 third quarter and year-end balance
sheets. Specifically, in its financials JBI listed media credits
purchased by the company for $1,000,000 in common stock as having a
value of $9,997,134, which made the media credits the single largest
asset on JBI’s balance sheet.
The Defendants then used the overvalued financial statements in two
private capital raising efforts geared toward raising the capital
necessary to begin commercial operation and production of Plastic2Oil, a
process designed to convert plastic waste into oil. JBI raised over $8.4
million for the company while relying on misrepresentations to investors
about the company’s assets and valuation. Shortly after obtaining the
approximately $8.4 million in financing, the company issued a statement
indicating that its financial statements could no longer be relied upon
due, in part, to the erroneous valuation of certain assets on the
balance sheet. Upon this news, JBI stock plummeted from a closing price
of $2.35 per share on January 3, 2012 (the day prior to the disclosure),
to a close of $0.86 per share the following day.
If you own JBII stock and wish to obtain additional information about
the investigation and your legal rights, please contact Joseph E. Levi,
Esq. either via email at firstname.lastname@example.org
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com.
Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its
practice in securities and shareholder litigation. Attorney advertising.
Prior results do not guarantee similar outcomes.
CONTACT:Levi & Korsinsky, LLPJoseph Levi, Esq.Eduard
Korsinsky, Esq.30 Broad Street - 15th FloorNew York, NY 10004Tel:
(212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171www.zlk.com