- 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.