RINO International Corp. (NASDAQ: RINO)
MURRAY, FRANK & SAILER LLP is investigating securities fraud claims against RINO International Corp. ("RINO" or the "Company") (NASDAQ: RINO) and certain of its officers, on behalf of purchasers of RINO securities between March 31, 2009 and November 11, 2010, inclusive (the "Class Period").
The investigation concerns violations of the Securities Exchange Act of 1934 (the "Exchange Act") that occurred when the Defendants issued materially false and misleading statements regarding RINO's financial performance, business prospects, and financial condition. Specifically, it is alleged that the amounts of revenue reported in RINO's annual reports for 2008 and 2009 filed with the SEC were substantially higher than the amounts of revenue reported in the Company's annual reports filed with China's State Administration of Industry and Commerce for the same periods. For example, for 2009, RINO reported only $11 million of revenue to the Chinese authorities, while the Company reported revenue of $192.6 million to the SEC. As a result of defendants' false statements, RINO's stock traded at artificially inflated prices during the Class Period.
On November 10, 2010, a market research and trading firm calling itself Muddy Waters released a report (the "Report") claiming that there was substantial financial fraud at RINO, and indicating that the Company had filed false and misleading financial statements and press releases. In response to this news, the Company's stock dropped by approximately 28%, from a closing price of $15.52 per share on November 9, 2010 to a closing price of $11.10 per share on November 11, 2010.
If you purchased RINO securities within the Class Period, you may move the Court, not later than January 11, 2011, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you wish to discuss this litigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
MURRAY, FRANK & SAILER LLP