Pomerantz Law Firm Reminds Shareholders of RINO International Corporation of Upcoming Deadline -- RINO
08 Janeiro 2011 - 3:02PM
Shareholders of RINO International Corporation ("RINO" or the
"Company") (formerly (Nasdaq:RINO) currently (OTCBB:RINO) ) are
reminded of the securities class action lawsuit filed against RINO
and certain of its officers. The class action (Civil Action No.:
10-cv-1908) pending in the Central District of California is on
behalf of a class of all persons or entities who purchased or
otherwise acquired RINO securities during the period from May 15,
2008 through November 17, 2010, inclusive (the "Class Period"). The
Complaint alleges violations of Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased RINO securities during
the Class Period, you have until January 14, 2011 to ask the Court
to appoint you as lead plaintiff for the class. A copy of the
complaint can be obtained at www.pomerantzlaw.com. To discuss this
action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by
e-mail are encouraged to include their mailing address and
telephone number.
The Complaint alleges that throughout the Class Period,
defendants made false and/or misleading statements, as well as
failed to disclose material adverse facts about the Company's
business, operations, and prospects. Specifically, Defendants made
false and/or misleading statements and/or failed to disclose: (1)
that the Company did not enter into at least two customer contracts
and 20-40% of the Company's other contracts had problems for which
it reported revenues during its 2008 and 2009 fiscal years; (2)
that the Company's reported revenues for fiscal year 2009 to the
SEC that were inflated by 94%; (3) that the Company's management
was draining cash from the Company for its own business and
personal uses; (4) that the Company lacked adequate internal and
financial controls; and (5) that, as a result of the foregoing, the
Company's financial results were materially false and misleading at
all relevant times.
On November 10, 2010, Muddy Waters LLC issued an analyst report
calling into question, among others, the Company's customer
relationships, accounting, and financial results. The research
firm claimed that its investigation indicated that RINO had
fabricated customer relationships, exaggerated sales, and issued
phony financial statements.
On this news, shares of RINO declined by $2.34 per share, more
than 15%, to close on November 10, 2010, at $13.18 per share, on
unusually high volume. The stock further declined another
$2.08 per share, or 15.08%, to close on November 11, 2010, at
$11.10 per share after launching an internal review.
When RINO's shares resumed trading on the OTC on
December 8, 2010 after being halted by Nasdaq on November 17, 2010,
the stock further declined $2.92 or 48% and closed at $3.15 per
share.
The Pomerantz Firm, with offices in New York, Chicago and
Washington, D.C., is acknowledged as one of the premier firms in
the areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L. Pomerantz, known as the dean of the
class action bar, the Pomerantz Firm pioneered the field of
securities class actions. Today, more than 70 years later, the
Pomerantz Firm continues in the tradition he established, fighting
for the rights of the victims of securities fraud, breaches of
fiduciary duty, and corporate misconduct. The Firm has recovered
numerous multimillion-dollar damages awards on behalf of class
members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle
Pomerantz Haudek Grossman & Gross LLP
888-476-6529 (ext. 237)
rrboyle@pomlaw.com
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