Wednesday, February 8, 2012

JBI Terms SEC Charges In Civil Suit Erroneous

JBI Terms SEC Charges In Civil Suit Erroneous - Quick Facts

( - Green oil and gas company JBI Inc. (JBII.PK) said Wednesday it is upset with the erroneous fraud charges leveled against it in a civil suit by the Securities Exchange Commission.

JBI said it regrets its attempts to resolve the dispute failed, and said it will vigorously defend itself in court against the civil suit filed by the SEC earlier today.

According to the company, the allegations in the complaint concern legacy accounting issues that have since been corrected. Since restating its financial statements, the company said it has hired a new CFO and pulled in additional skilled accountants as also an independent audit firm.

The company said it believes its officers acted in good faith in valuing the media credits discussed in the complaint. It also maintains that after learning of potential problems relating to these credits, it took corrective measures.

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