SOURCE: Brower Piven, A Professional Corporation

November 19, 2010 16:39 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in RINO International Corporation to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 11, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - November 19, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced 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) during the period between March 31, 2009 and November 11, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 11, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company, during the Class Period, reporting $193 million of revenue for fiscal 2009 to the SEC while reporting only $11 million of revenue for 2009 in the Company's annual report filed with the Chinese authorities. According to the complaint, after a market research and trading firm named Muddy Waters reported this discrepancy and that: Company management diverted $3.2 million to purchase a luxury home in Orange County, CA; many of the Company's customer relationships do not exist; Company management is draining cash for its own business and personal use; and the Company's actual profits are really one-half to one-third of what was reported to investors, the value of RINO stock declined significantly.

If you have suffered a net loss for all transactions in RINO International Corporation common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact