Finkelstein Thompson Investigates RINO International Corporation
25 November 2010 - 8:55AM
Business Wire
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 Seeking Alpha 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 contact@finkelsteinthompson.com.
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.
To learn more about Finkelstein Thompson LLP, please visit our
web site at www.finkelsteinthompson.com. Attorney advertising.
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