Kahn Swick & Foti, LLC & Former Louisiana Attorney General Remind Investors With Large Financial Interests (Over $100,000) of...
November 20 2010 - 6:15PM
Business Wire
Kahn Swick & Foti, LLC ("KSF") and its partner, the former
Louisiana Attorney General Charles C. Foti, Jr. remind investors
that they have only until January 14, 2011, to file lead plaintiff
applications in a securities class action lawsuit 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 - News) between
March 31, 2009 and November 11, 2010, inclusive (the “Class
Period”), seeking to pursue remedies under the Securities Exchange
Act of 1934 (the “Exchange Act”).
What You May Do
If you are a RINO shareholder and would like to discuss your
legal rights and how this case might affect you and your right to
recover for your economic loss, you may, without obligation or cost
to you, e-mail or call KSF Managing Partner, Lewis Kahn
(lewis.kahn@ksfcounsel.com), toll free 877-515-1850, or via cell
phone any time at 504-301-7900, or KSF Director of Client
Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com),
toll free at 877-694-9510, or via cell phone any time at
330-860-4092. If you wish to serve as a lead plaintiff in this
class action by overseeing lead counsel with the goal of obtaining
a fair and just resolution including the possibility of a
settlement, you must request this position by application to the
Court by January 14, 2011. Any member of the putative class may
move the Court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member. KSF encourages both institutional and individual purchasers
of RINO to contact the firm. The ultimate resolution of any
securities class action is strengthened through the involvement of
aggrieved shareholders and lead plaintiffs who have large financial
interests. KSF also encourages anyone with information regarding
RINO’s conduct during the period in question to contact the firm,
including whistleblowers, former employees, shareholders and
others.
About the Lawsuit
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by issuing materially false and
misleading statements. The complaint alleges that on November 10,
2010, a research firm issued a 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 false financial statements. In
particular, the report highlighted that the same day that RINO
closed a $100 million financing transaction, certain officers
and/or directors “borrowed” $3.2 million from the Company to
purchase a luxury home in Orange County, California.
As a result of 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, and further declined another $2.08
per share, 15.08%, to close on November 11, 2010, at $11.10 per
share, also on unusually high volume.
About Kahn Swick & Foti,
LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities
class action and shareholder derivative litigation with offices in
New York and Louisiana. KSF's lawyers have significant experience
litigating complex securities class actions nationwide on behalf of
both institutional and individual shareholders. Recent cases
include In re Virgin Mobile USA IPO
Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel,
$19.5 Million Settlement Preliminarily Approved; In re
BigBand Networks, Inc Securities
Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead
Counsel, $11 million settlement; In re U.S. Auto
Parts Networks, Inc. Securities
Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.),Lead
Counsel, $10 million settlement. KSF is also federally
court-appointed Co-Lead Counsel in THE shareholder derivative cases
against AIG and Bank of America (Merrill Lynch merger) emanating
from their recent multi-billion dollar economic declines.
To learn more about KSF, you may
visit www.ksfcounsel.com.
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