The Shuman Law Firm Announces The Filing of a Class Action Lawsuit Against RINO International Corporation
02 Dezembro 2010 - 9:01PM
Business Wire
The Shuman Law Firm today announced that a class action lawsuit
has been filed in the United States District Court for the Central
District of California on behalf of purchasers of the common stock
of RINO International Corporation ("RINO" or the "Company")
(NASDAQ:RINO) between February 17, 2009 and November 12, 2010,
inclusive (the "Class Period"). Also included are those who
purchased in the direct Offering in December 2009.
If you wish to discuss this action or have any questions
concerning this notice or your rights and interests with respect to
this matter, please contact Kip B. Shuman or Rusty E. Glenn toll
free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com
or Mr. Glenn at rusty@shumanlawfirm.com.
The Complaint charges RINO and certain of its officers and
directors with violations of federal securities laws. Specifically,
the Complaint alleges that defendants failed to disclose that the
Company's financial results were inflated and were inconsistent
with results reported to tax authorities in China. During the Class
Period, while RINO stock was allegedly artificially inflated, the
Company consummated a direct offering of nearly 3.3 million shares
of common stock at $30.75 per share.
On November 10, 2010, a research firm issued a report claiming
that RINO had fabricated customer relationships and inflated
revenue, noting the discrepancy between RINO's revenue of $192.6
million reported in its fiscal 2009 Form 10-K and its revenue of
$11 million reported in its annual report for fiscal 2009 filed
with the China State Administration of Industry and Commerce. On
November 15, 2010, RINO announced disappointing third quarter 2010
results and reduced its revenue forecast for 2010. On this news,
RINO's stock collapsed to $7.55 per share.
On November 17, 2010, RINO disclosed in a filing with the SEC
that it had received a letter from its independent auditing firm
which recounted a conversation between a member of the firm and
RINO’s Chief Executive Officer, Zou Dejun (“Dejun”), during which
Dejun revealed that RINO had, in fact, not entered into two of the
six customer contracts discussed in the analyst report. The
following day RINO warned investors that its previously issued
financial statements for the fiscal years ending December 31, 2008
and 2009, and the interim quarters ending March 31, 2008 through
September 30, 2009, should no longer be relied upon.
If you purchased RINO common stock during the Class Period, you
may request that the Court appoint you as lead plaintiff of the
class no later than January 14, 2010. A lead plaintiff is a class
member that acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is not
affected by the decision whether or not to seek appointment as a
lead plaintiff, lead plaintiffs make important decisions which
could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in securities class actions and
shareholder derivative actions.
RINO (CE) (USOTC:RINO)
Gráfico Histórico do Ativo
De Jul 2024 até Ago 2024
RINO (CE) (USOTC:RINO)
Gráfico Histórico do Ativo
De Ago 2023 até Ago 2024