Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits Against RINO International Corporation (Nasdaq:RINO)
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of the securities of RINO International Corporation (“RINO” or the “Company”) (Nasdaq:RINO) between February 17, 2009 and November 12, 2010, inclusive (“Class Period”).
If you purchased RINO securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 14, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in this action.
RINO shareholders that wish to learn more about this action and how to seek appointment as lead plaintiff should visit Lieff Cabraser’s website at http://lieffcabraser.com/cases.php?CaseID=380 or contact attorney Sharon Lee toll free at (800) 541-7358.
Background on RINO Securities Class LitigationThe actions, pending in the United States District Court for the Central District of California, were brought against RINO and certain of its officers and directors for violations of the Securities Exchange Act of 1934. RINO, through its subsidiaries, operates as an environment protection and remediation company in the People’s Republic of China. During the Class Period, defendants allegedly issued materially false and misleading statements regarding the Company’s business prospects and financial results. Specifically, the actions allege that defendants failed to disclose that RINO’s reported financial results were materially overstated and included revenues that had not been earned. On November 10, 2010, Muddy Waters LLC, a research firm, posted a report alleging that RINO and its executives engaged in a wide range of wrongful conduct, including inflating the Company’s reported sales revenues and fabricating customer relationships and contracts. In addition, Muddy Waters noted a significant discrepancy between the fiscal 2009 revenues RINO reported to the SEC and to tax authorities in China. In response to this news, the price of RINO’s common stock fell $2.34 per share, or more than 15 percent, to close at $13.18 per share on November 11, 2010.
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