Finkelstein Thompson is investigating potential shareholder claims stemming from recent allegations that RINO International Corporation (“RINO”) may have violated the federal securities laws. (NASDAQ: RINO). This investigation is based on allegations that RINO grossly inflated its financial results, that RINO fabricated customer relationships that did not exist, and that RINO allowed its management to use company money to buy a luxury home in Orange County, California.
The allegations were revealed in a report published on November 10, 2010 by the research firm Muddy Waters, LLC. RINO shares have lost over half their value since that report was released. Then, on November 19, 2010, RINO revealed that it had not actually entered into two customer contracts for which it reported revenue in 2008 and 2009, and that its financial statements for those periods should not be relied on. At present, trading in the stock has been halted by NASDAQ.
These allegations and events could lead to significant harm to the company and its shareholders. Indeed, the company and its officers are already the subject of legal actions, and observer Rames El Desouki stated in an article on the
website that the events lead to the “very basic conclusion” that “RINO is not taking their status as a U.S.-listed public company . . . seriously.”
If you are interested in discussing your rights as a RINO shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.