SOURCE: Sohmer & Stark, LLC

November 17, 2010 09:36 ET

Law Offices of Sohmer & Stark, LLC Announces Class Action Lawsuit Charging RINO International Corporation With Securities Fraud

PHILADELPHIA, PA--(Marketwire - November 17, 2010) - A class action lawsuit has been filed in Federal Court on behalf of investors who purchased the common stock of RINO International Corporation ("RINO") (NASDAQ: RINO) during the period from March 31, 2009 to November 11, 2010, Inclusive. The lawsuit seeks to recover damages for violations of federal Securities Laws.

The Complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against RINO and certain of its officers and directors for misrepresenting the company's true financial performance. The Complaint alleges that contrary to the company's annual report filed with the SEC for fiscal 2009 which reported $193 million of revenue, the company's annual report filed with the Chinese authorities reported only $11 million of revenue for 2009. This discrepancy, along with other accounting inconsistencies, and questionable transactions between RINO and its management, has raised red flags and prompted an internal review. The Complaint asserts that when the market learned of this adverse information, the price of RINO stock dropped, damaging investors.

No class has yet been certified in the action. Until a class is certified you are not represented by counsel unless you retain one. Sohmer & Stark, LLC has not filed a lawsuit against the defendants.

If you purchased RINO shares during the period from March 31, 2009 to November 11, 2010 and want to discuss your legal rights, at no cost and without obligation, please contact Amir M. Stark, Esquire at Sohmer & Stark, LLC (Toll Free: 888-811-7179; e-mail: astark@sohmerstark.com).

Sohmer & Stark, LLC has extensive experience litigating shareholder actions across the United States and has recovered millions of dollars on behalf of injured shareholders. 

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Contact Information

  • Contact:

    Sohmer & Stark, LLC
    95 James Way, Suite 120
    Southampton, PA 18966
    Toll Free: (888) 811-7179
    Fax: (610) 994-1994