CORRECTING & REPLACING The Rosen Law Firm Files Class Action Lawsuit Charging RINO International Corp. with Securities Fraud ...
November 19 2010 - 6:33PM
Business Wire
Fifth paragraph, first sentence should read: If you wish to
serve as lead plaintiff, you must move the Court no later than
January 14, 2011 (instead of January 11, 2010).
The corrected release reads:
THE ROSEN LAW FIRM FILES CLASS ACTION
LAWSUIT CHARGING RINO INTERNATIONAL CORPORATION WITH SECURITIES
FRAUD -- RINO
The Rosen Law Firm, P.A. today announced that it has filed a
class action lawsuit on behalf of investors who purchased the
common stock of RINO International Corporation (“RINO” or the
“Company”) (Nasdaq: RINO - News) during the period from March 31,
2009 to November 11, 2010, inclusive (the “Class Period”), seeking
to recover damages for investors from violations of federal
securities laws.
To join the RINO class action, visit the firm’s website at
http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip
Kim, Esq., toll-free, at 866-767-3653; you may also email
lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the
class action. The case is pending in the U.S. District Court for
the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER.
The Complaint asserts violations of Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 against RINO and certain of its
officers and directors for misrepresenting the Company’s true
financial performance. The Complaint alleges that contrary to the
Company’s annual report filed with the SEC for fiscal 2009 which
reported $193 million of revenue, the Company’s annual report filed
with the Chinese authorities reported only $11 million of revenue
for 2009. This discrepancy, along with other accounting
inconsistencies, and questionable transactions between RINO and its
management, has raised red flags and prompted an internal review.
The Complaint asserts that when the market learned of this adverse
information, the price of RINO stock dropped damaging
investors.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 14, 2011. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation, or to
discuss your rights or interests regarding this class action,
please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The
Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at
lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit
the firm’s website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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