RENO, Nev., Feb. 3, 2015 (GLOBE NEWSWIRE) -- The following statement is being issued by Glancy Binkow & Goldberg LLP regarding the JBI, Inc. Securities Litigation:
| HOWARD L. HOWELL, Lead Plaintiff, ELLISA | Case No. 3:11-CV-00545-RCJ-WGC |
| PANCOE, Individually and on Behalf of All | |
| Others Similarly Situated, | |
| Plaintiffs, | |
| v. | |
| JBI, INC., f/k/a 310 HOLDINGS, INC., JOHN | |
| BORDYNUIK, and RONALD BALDWIN, JR., | |
| Defendants. |
SUMMARY NOTICE
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED JBI, INC. SECURITIES BETWEEN AUGUST 28, 2009 AND JANUARY 4, 2012, INCLUSIVE.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the District of Nevada, that a hearing will be held on April 27, 2015, at 10:00 a.m., before Chief Judge Robert C. Jones, at the United States District Court for the District of Nevada, Bruce R. Thompson Federal Building & U.S. Courthouse, 400 S. Virginia St., Courtroom 6, Reno, Nevada 89501, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the sum of between 1.75 million and 3 million shares (the number of shares is dependent on the price per share at the conclusion of this Litigation) of JBI, Inc. common stock should be approved by the Court as fair, reasonable and adequate to Members of the Class; (2) whether, thereafter, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated August 8, 2013; (3) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable and adequate and therefore should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees incurred in connection with this Litigation and reimbursement of Plaintiffs' reasonable costs and expenses (including lost wages) directly related to their representation of the Settlement Class should be approved. Between April 11, 2014 and July 10, 2014, the average closing price for the Company's common stock was $0.13847. Accordingly, if the settlement amount were calculated as of July 10, 2014, the value of the Company's shares under the terms of the proposed settlement would be $415,423 (the average closing price of $0.13847 x 3,000,000 shares). Along with the $35,437 for the proposed amount of reimbursement of litigation expenses and $164,563 for the proposed amount for the provision of settlement administration costs, the total value of the settlement as of July 10, 2014 would be $615,423. Under the terms of the proposed settlement, the actual value of the settlement will be dependent upon the price of JBI's common stock as of the date of entry of final judgment.
If you purchased or acquired JBI, Inc. securities between August 28, 2009, and January 4, 2012, inclusive, your rights may be affected by this Settlement. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees, and Settlement Fairness Hearing (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to JBI, Inc. Securities Litigation, Claims Administrator, c/o Gilardi & Co. LLC, P.O. Box 8040, San Rafael, CA 94912-8040, or you can download a copy at www.JBISecuritiesLitigation.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than April 17, 2015, establishing that you are entitled to recovery.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Class Counsel at either of the addresses listed below:
Lionel Z. Glancy, Esq.
Glancy Binkow & Goldberg LLP
1925 Century Park East, Suite 2100
Los Angeles, California 90067
1-888-773-9224
settlements@glancylaw.com
or go to the following website: www.JBISecuritiesLitigation.com.
DATED: December 18, 2014