Faruqi & Faruqi, LLP Announces Investigation of JBI, Inc. (JBII)
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.
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 lead 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.
If you a current JBI shareholder and you would like to discuss your legal rights, you can contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. 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.
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Faruqi & Faruqi, LLP
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Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.