Hagens Berman Sobol Shapiro LLP filed a new class-action lawsuit on behalf of investors deceived by RINO International Corp. (NASDAQ:RINO) (Pink Sheets:RINO) (The Company) alleging RINO artificially inflated stock values by providing unreliable financial statements and fabricating customer relationships. Investors who purchased RINO common stock between May 15, 2008, and November 19, 2010 (Class Period), and incurred losses greater than $100,000, are encouraged to contact Hagens Berman’s partner, Reed R. Kathrein, by phone at 510-725-3000 or by e-mail at firstname.lastname@example.org for a consultation. Large investors who wish to serve as lead plaintiff must file a motion with the Court no later than January 14, 2011. The new lawsuit, filed on December 10, 2010, charged RINO with violating the Securities Exchange Act of 1934 and came days after NASDAQ delisted RINO from the stock market. Hagens Berman is asking the U.S. District Court of the Central District of California to award a maximum settlement to investors who incurred losses after purchasing RINO common stock during the proposed Class Period. Mr. Kathrein, one of the attorneys representing plaintiff Brenda Chau in the new lawsuit against RINO, has been investigating investor fraud claims against the Chinese-based environment equipment manufacturer. NASDAQ delisted RINO for the following reasons:
- The Company announced that its previously filed financial reports for fiscal year 2008, 2009 and year-to-date 2010 could no longer be relied upon;
- The Company admitted that it had not entered into certain previously disclosed contracts; and
- The Company failed to respond to the NASDAQ staff's request for additional information regarding allegations raised by the Muddy Waters, LLC, report.
The price of RINO’s stock fell approximately 28 percent and closed at $11.10 per share on November 11, 2010, the first full trading day after the research report was published. RINO’s stock continued its sharp decline after the Company released disappointing third-quarter results, and closed at $7.55 per share on November 15. NASDAQ halted trading of RINO stock on November 17 based on claims about RINO’s deceptive practices. When RINO resumed trading in the Pink Sheets on December 8, the stock price quickly fell to $3.15.Investors who purchased significant amounts of RINO stock during the proposed Class Period may be eligible to recover damages, and represent others with similar claims against the Company. More information about this case is available at: www.hbsslaw.com/rino-international. About Hagens Berman Seattle-based Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in Boston, Chicago, Colorado Springs, Los Angeles, Phoenix, San Francisco and Washington, D.C. Founded in 1993, HBSS continues to successfully fight for investor rights in large, complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com.