updated 1/8/2011 12:17:32 PM ET 2011-01-08T17:17:32

NEW YORK, Jan. 8, 2011 (GLOBE NEWSWIRE) -- Shareholders of RINO International Corporation ("RINO" or the "Company") (formerly (Nasdaq:RINO) currently (OTCBB:RINO) ) are reminded of the securities class action lawsuit filed against RINO and certain of its officers. The class action (Civil Action No.: 10-cv-1908) pending in the Central District of California is on behalf of a class of all persons or entities who purchased or otherwise acquired RINO securities during the period from May 15, 2008 through November 17, 2010, inclusive (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased RINO securities during the Class Period, you have until January 14, 2011 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.

The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company did not enter into at least two customer contracts and 20-40% of the Company's other contracts had problems for which it reported revenues during its 2008 and 2009 fiscal years; (2) that the Company's reported revenues for fiscal year 2009 to the SEC that were inflated by 94%; (3) that the Company's management was draining cash from the Company for its own business and personal uses; (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.

On November 10, 2010, Muddy Waters LLC issued an analyst report calling into question, among others, the Company's customer relationships, accounting, and financial results. The research firm claimed that its investigation indicated that RINO had fabricated customer relationships, exaggerated sales, and issued phony financial statements.

On this news, shares of RINO declined by $2.34 per share, more than 15%, to close on November 10, 2010, at $13.18 per share, on unusually high volume. The stock further declined another $2.08 per share, or 15.08%, to close on November 11, 2010, at $11.10 per share after launching an internal review.   When RINO's shares resumed trading on the OTC on December 8, 2010 after being halted by Nasdaq on November 17, 2010, the stock further declined $2.92 or 48% and closed at $3.15 per share.

The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .

CONTACT: Rachelle R. Boyle
         Pomerantz Haudek Grossman & Gross LLP
         888-476-6529 (ext. 237)

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


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