updated 11/25/2010 2:31:49 PM ET 2010-11-25T19:31:49

LOS ANGELES, Nov. 24, 2010 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased or otherwise acquired the securities of RINO International Corporation ("RINO" or the "Company") (Nasdaq:RINO) between November 13, 2009, and November 12, 2010, inclusive (the "Class Period"), have until January 14, 2011, to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Baig v. RINO International Corporation,et al., No. 10-1754-CJC, has been assigned to the Honorable Cormac J. Carney, United States District Judge for the Central District of California.

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 to 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.

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 Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case.  Any person or group who suffered a loss as a result of purchasing RINO securities during the Class Period may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the January 14, 2011 deadline.

Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing RINO shareholders in this litigation.

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, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com