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Abraham, Fruchter & Twersky, LLP Announces That a Class Action Lawsuit Has Been Filed against Rino International Corporation

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^{Published in Business and Finance on Friday, November 19th 2010 at 11:40 GMT by Market Wire}  

NEW YORK--([ BUSINESS WIRE ])--A class action complaint (the aComplainta) has been filed on behalf of a class (the aClassa) of all purchasers of RINO International Corporation (aRINOa or the aCompanya) (NASDAQ:RINO) common stock during the period between March 31, 2009 through November 11, 2010 (the aClass Perioda).

The Complaint alleges RINO and certain of its officers and directors with violating the federal securities laws by making false or misleading statements, and also failed to disclose that: (1) certain customers did not purchase flue gas desulfurization (aFGDa) systems as the Company had previously claimed; (2) the Companya™s financial results reported to Chinaa™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; and (3) the Company lacked adequate internal and financial controls.

A research report released on November 10, 2010 questioned RINOa™s customer business relationships and the accuracy of its financial reporting and financial results. Also, on November 15, 2010, the Company announced that earnings for the third quarter will be less than half of the earnings for the same period last year, and that quarterly revenue fell approximately 17% from the same period one year ago. RINO has also reduced its revenue outlook for the year. In a reaction to this news, the stock dropped from $11.01 per share to $7.55 per share, over 30%, thus damaging investors.

If you purchased RINO common stock during the Class Period and you wish to serve as lead plaintiff in this action, you must move the Court no later than January 14, 2011. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jack G. Fruchter or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at (800) 440-8986, or via e-mail at [ info@aftlaw.com ] or [ achen@aftlaw.com ].

Abraham, Fruchter & Twersky, LLP has extensive experience prosecuting securities class action cases, and the firm has been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.