As of 10:00 pm on today's date, August 10, 2011, the court's online electronic filing system (Pacer) reflected a single purported class action lawsuit filed against JBI in the U.S. District Court for the District of Nevada. That lawsuit was brought by a plaintiff who attested to purchasing 1,000 shares of JBI on May 9, 2011. On the same date the action was filed (July 28, 2011), plaintiff's counsel published a notice informing potential class members of the opportunity to move the court to serve as lead plaintiff of the purported class.
As a result of the above, other class action firms (understandably) have been searching for a more appropriate lead plaintiff, who has a more substantial financial interest in the litigation. The desire to do so is largely self-evident, as the appointed lead plaintiff in a certified class action becomes the decision-maker of the class, and the one who holds primary responsibility for choosing (yup, you guessed it) lead counsel (subject to court approval). For this reason, it should come as no surprise to see additional class action plaintiffs' firms soliciting potential plaintiffs in an effort to jump in the action.
As of the time and date referenced at the start of this post, no other prospective lead plaintiffs have moved for appointment as lead counsel. This lawsuit is, of course, in its infancy, so only time will tell if another investor steps up to the plate. That "opportunity" will eventually close, however, and the court will assess the plaintiff(s) that have filed appropriate motions within the requisite time.
This is my personal assessment of the matter, so I invite any contrary opinions or constructive criticism.
