Replies to post #124655 on Plastic2Oil Inc (PTOI)

[scion]

What's the case number?

[XenaLives]

Should get tossed out on its ear.

Right in the PR and the complaint (can't cut and paste because not on pacer) see bold text. The May 2010 admission of accounting problems was filed a year before she bought her shares. Since they admitted the problem back the text in red seems contradictory. Anyone who bought in May 2011 did not read the SEC filings. Shame on them!!

Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the District of Nevada on behalf of a class consisting of all persons or entities who purchased the securities of JBI, Inc. (“JBI” or the "Company") (OTCQX:JBII), between August 28, 2009 and July 20, 2011, inclusive (the “Class Period”).

The Complaint charges JBI and certain of the Company’s current and former executive officers with violations of federal securities laws. JBI purports to be a domestic alternative oil and gas company. In 2009, the Company acquired JavaCo, Inc. ("JavaCo") from Domark International, Inc. ("Domark") and also issued 1 million shares of JBI to Domark in exchange for media credits valued at $9,997,134. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning JBI’s business, operations and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that the media credits acquired by the Company in connection with the acquisition of JavaCo were substantially overvalued; (2) that the Company was improperly accounting for acquisitions; (3) that, as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On May 21, 2010, JBI disclosed 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 through the issuance of common stock. On this news, shares of JBI declined $0.65 per share, more than 21%, to close on May 21, 2010, at $2.40 per share, on heavy volume, and further declined $0.80 per share, more than 33%, to close on May 24, 2010, at $1.60 per share, also on heavy volume.

[Zardiw]

She hasn't sold....so where's the 'damages'.......lol.....et z