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The Rosen Law Firm Announces Class Action Lawsuit Against JBI, Inc.
Class Action |
2011/08/01 01:56
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The Rosen Law Firm, P.A. announces that a class action lawsuit for violations of the federal securities laws has been filed against JBI, Inc. /quotes/zigman/573088 JBII +5.11% based on allegations that the company issued materially misleading financial statements to the investing public. If you purchased JBI stock during the period from August 28, 2009 to July 20, 2011 you can join the class action and seek to recover your investment losses.
To join the JBI class action, visit the firm's website at http://www.rosenlegal.com , or call Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email jhorne@rosenlegal.com for information on the class action. The case is pending the U.S. District Court for the District of Nevada.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that JBI materially overstated its income in connection with its acquisition of JavaCo, Inc. in 2009. As part of the transaction JBI exchanged 1 million shares of its stock for $9,997,134 worth of media credits. The Complaint alleges that JBI's financial statements were false and misleading because (1) 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. On July 14, 2011, the Securities and Exchange Commission advised the Company that it was recommending enforcement action against it and possibly one or more of its former officers in connection with the Company's issuing materially inaccurate financial statements.
News that JBI was required to restate its financial statements and was subject to an SEC enforcement action for violation of the federal securities laws has caused its stock price to drop substantially, damaging investors.
You may participate in the securities class action lawsuit to recover your investment losses. If you purchased JBI stock, please visit the website at http://rosenlegal.com to participate in the class action and to obtain more information. You may also contact Laurence Rosen or Phillip Kim of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at or lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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Class action lawsuit filed over Antero drilling
Class Action |
2011/07/27 09:15
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A class action lawsuit has been filed against Antero Resources alleging that the company's gas drilling activities in Battlement Mesa threaten the health of residents.
The suit was filed in Denver District Court on behalf of all 5,000 residents of the unincorporated community, which is located next to Parachute in western Garfield County.
An attorney representing the residents, Corey Zurbuch, says the suit argues that drilling exposes the people of Battlement Mesa to hazardous pollution.
Antero representatives, along with others in the industry, have long argued that their activities are not hazardous to the residents of Garfield County, according to the Glenwood Springs Post Independent.
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Judge nixes class-action lawsuit against Dow
Class Action |
2011/07/26 09:15
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A judge in Saginaw says property owners who claim Dow Chemical Co. has spoiled their land cannot sue the company through a class-action lawsuit.
The decision means property owners will have to pursue the company on their own. As many as 2,000 believe they've been harmed by dioxin in the Tittabawassee River floodplain.
The Saginaw News says Judge Leopold Borrello on Monday cited a recent U.S. Supreme Court decision that limited class-action lawsuits against corporations. The judge says anyone claiming harm from Dow pollution must undergo "highly individualized factual inquiries."
Dow attorney Kathleen Lang says the company is pleased with decision.
Dow has acknowledged polluting the Tittabawassee and Saginaw rivers and their floodplains with dioxins for much of the 20th century. Dioxins are chemical byproducts that may cause cancer.
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Calif Supreme Court rules on illegal local taxes
Class Action |
2011/07/26 09:15
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Ruling in a Los Angeles case, the California Supreme Court has ruled taxpayers can file class-action claims when seeking refunds from cities and counties for illegal local taxes.
Monday's unanimous ruling overturns lower-court rulings requiring taxpayers to file individual refund claims.
In class action claims, an individual can win damages for an entire group of people affected by the same unlawful action.
The San Francisco Chronicle says Estuardo Ardon sued the city of Los Angeles in 2006, claiming a city telephone tax was illegal because it was linked to a federal excise tax that had been ruled invalid. The suit seeks millions of dollars in refunds for all phone customers in the city.
But the case has remained on hold while state courts determined whether Ardon can represent a group.
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Class action over L.A. telephone tax may proceed, court rules
Class Action |
2011/07/26 09:14
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A class action lawsuit against the city of Los Angeles for a refund of potentially hundreds of millions of dollars in telephone taxes may proceed as a result of a unanimous ruling Monday by the California Supreme Court.
The ruling, written by Justice Ming W. Chin, upheld the right of citizens to bring class actions against municipal governments for collection of allegedly illegal taxes.
The decision will affect similar lawsuits against Los Angeles County, Long Beach and Chula Vista, lawyers in the case said. The suits claim that the governments have illegally taxed telephone users. The tax appears on phone bills.
The case against L.A. was filed in 2006. The city argued that the taxpayers should have filed individual claims for refunds before bringing a class action and won in the trial court and the appeals court.
As a result of Monday's ruling, "It's possible we will consider bringing actions against other jurisdictions," said Frank Gregorek, who argued the case for the taxpayer. The class that would recover funds would include all residents who paid the taxes.
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Sparks Justice Court to be open four days a week
Law Center |
2011/07/25 08:22
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Sparks Justice Court is planning to go to four-day work weeks because of budget cuts.
Justice of the Peace Kevin Higgins says court staff will work from 7:30 a.m. to 5 p.m. Tuesdays through Fridays, and take only a half-hour lunch. Public access will be 8-5 on those days.
He says the court like other agencies is under a mandate to cuts wages and benefits by 7 percent, and the compact work week was the only option allowing the court to continue services without losing more staff.
He says judges will still be available for emergency matters, such as processing search warrants and protective orders.
The change needs confirmation from the Washoe County Commission, but is expected to take effect Aug. 15 and last the rest of the fiscal year.
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Judge wants agency to investigate Meijer lawyer
Breaking Legal News |
2011/07/25 08:22
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A judge believes a lawyer committed perjury when he denied knowing anything about the role of Meijer Inc. in a 2007 recall election of township officials in northern Michigan's Grand Traverse County.
Judge Philip Rodgers said he has referred the matter involving Timothy Stoepker to the Michigan Attorney Grievance Commission, a watchdog agency.
"I believe it occurred, and I have an ethical responsibility to report it," Rodgers told the Traverse City Record-Eagle.
Stoepker, an attorney at the firm Dickinson Wright in Grand Rapids, represented Meijer during a dispute over a new store in Acme Township. Voters rejected the store in 2005, and township officials were targeted for recall in 2007.
Meijer, a major Midwestern retailer, later acknowledged illegally financing the recall effort and subsequently paid a $190,000 fine.
During a deposition in a civil lawsuit by a township official, Stoepker was asked what he knew about Meijer's role. "I have no knowledge of that at all," he replied.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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