RINO RINO International Corp (CE)

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.

RINO (CE) (USOTC:RINO)
Historical Stock Chart
From Feb 2025 to Mar 2025

RINO (CE) (USOTC:RINO)
Historical Stock Chart
From Mar 2024 to Mar 2025