Abraham, Fruchter & Twersky, LLP Announces That a Class Action Lawsuit Has Been Filed against Rino International Corporation
November 19 2010 - 2:32PM
Business Wire
A class action complaint (the “Complaint”) has been filed on
behalf of a class (the “Class”) of all purchasers of RINO
International Corporation (“RINO” or the “Company”) (NASDAQ:RINO)
common stock during the period between March 31, 2009 through
November 11, 2010 (the “Class Period”).
The Complaint alleges RINO and certain of its officers and
directors with violating the federal securities laws by making
false or misleading statements, and also failed to disclose that:
(1) certain customers did not purchase flue gas desulfurization
(“FGD”) systems as the Company had previously claimed; (2) the
Company’s financial results reported to China’s State
Administration of Industry and Commerce were substantially less
than the financial results the Company reported to the public and
contained in the financial statements RINO filed with the SEC; and
(3) the Company lacked adequate internal and financial
controls.
A research report released on November 10, 2010 questioned
RINO’s customer business relationships and the accuracy of its
financial reporting and financial results. Also, on November 15,
2010, the Company announced that earnings for the third quarter
will be less than half of the earnings for the same period last
year, and that quarterly revenue fell approximately 17% from the
same period one year ago. RINO has also reduced its revenue outlook
for the year. In a reaction to this news, the stock dropped from
$11.01 per share to $7.55 per share, over 30%, thus damaging
investors.
If you purchased RINO common stock during the Class Period and
you wish to serve as lead plaintiff in this action, you must move
the Court no later than January 14, 2011. Any member of the
proposed class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain a member of the proposed class.
If you would like to discuss this action or if you have any
questions concerning this notice or your rights as a potential
class member or lead plaintiff, you may contact: Jack G. Fruchter
or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at (800)
440-8986, or via e-mail at info@aftlaw.com or achen@aftlaw.com.
Abraham, Fruchter & Twersky, LLP has extensive experience
prosecuting securities class action cases, and the firm has been
ranked among the leading class action law firms in terms of
recoveries achieved by a survey of class action law firms conducted
by Institutional Shareholder Services.
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
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