LOS ANGELES, Nov. 19, 2010 (GLOBE NEWSWIRE) -- On November 15, 2010, Glancy Binkow & Goldberg LLP filed a securities class action lawsuit in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased the securities of RINO International Corporation ("RINO" or the "Company") (Nasdaq:RINO) between November 13, 2009, and November 11, 2010, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201‑9150 or Toll Free at (888) 773‑9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. RINO, through its subsidiaries, operates as an environmental protection and remediation company in the People's Republic of China. The Complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose: (1) that certain customers did not purchase flue gas desulfurization ("FGD") systems as the Company had previously claimed; (2) that the Company's financial results reported to China's State Administration of Industry and Commerce were substantially less than the financial results the Company reported to the public and contained in the financial statements RINO filed with the SEC; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.
Subsequent to the filing of the lawsuit, on November 19, 2010 the Company filed with the U.S. Securities and Exchange Commission a Current Report on Form 8-K stating that on November 18, 2010 the Board of Directors of RINO concluded that the Company's previously issued audited financial statements for its fiscal years ended December 31, 2008 and 2009, which were included in the Company's Annual Reports on Form 10-K for the fiscal years ended December 31, 2008 and 2009, and its previously issued interim unaudited financial statements which were included in RINO's Quarterly Reports on Form 10-Q for the periods ended March 31, 2008 to September 30, 2009 should no longer be relied on. The Board also concluded that previously issued interim unaudited financial statements for the periods March 31, 2010, June 30, 2010 and September 30, 2010 should no longer be relied on inasmuch as such financial statements incorporate results from 2008 and 2009.
The Company's Form 8-K further stated that the Board's conclusion that the financial statements for the foregoing periods should not be relied upon was based on statements made by RINO's Chief Executive Officer, Zou Dejun, after consultation with the Company's chief accountant, who reported to the Board that the Company did not enter into two contracts for which it reported revenue during its 2008 and 2009 fiscal years.
If you purchased the securities of RINO International between November 13, 2009, and November 11, 2010, you may move the Court, no later than January 14, 2011, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201‑9150 or Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.