Lawsuit Overview
Settlement Overview
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The settlement includes all persons who or which purchased or otherwise acquired the common stock and/or call options of RINO International Corporation (NASDAQ: RINO) or sold put options of RINO International Corporation (NASDAQ: RINO) between March 31, 2009 and November 17, 2010.
February 1, 2016 - The court approved the settlement.
October 27, 2015 - The court preliminarily approved the settlement.
October 12, 2015 - Parties (lead plaintiff and other defendants) filed an amended stipulation of settlement.
August 27, 2015 - Parties (lead plaintiff and other defendants) filed a stipulation of settlement.
August 27, 2013 - The court ordered the authorization of the distribution of the net settlement fund.
August 1, 2013 - The court denied the defendant's motion to dismiss.
February 27, 2013 - The court granted the motion for attorneys’ fees and expenses.
February 22, 2013 - A defendant filed a motion to dismiss.
January 28, 2013 - The lead plaintiff filed a third amended complaint.
January 14, 2013 - The court granted the defendant's motion to dismiss and granted plaintiff leave to amend.
December 19, 2012 - The court approved the settlement, entered the orders approving the plan of allocation and dismissed the action with prejudice.
December 17, 2012 - The court held a final settlement hearing.
October 15, 2012 - A defendant filed a motion to dismiss.
July 10, 2012 - The lead plaintiff filed a second amended complaint.
May 21, 2012 - The court preliminarily approved the settlement.
April 9, 2012 - Parties filed a stipulation of settlement.
September 9, 2011 - Defendants filed motions to dismiss.
April 18, 2011 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased RINO International Corporation (NASDAQ: RINO) common shares between March 31, 2009 through November 17, 2010. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 31, 2009 through November 17, 2010.
February 16, 2011 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
January 14, 2011 - Lead plaintiff motions were filed.
December 10, 2010 - Another investor filed a complaint in the U.S. District Court for the Central District of California on behalf of investors who purchased RINO International Corporation (NASDAQ: RINO) common shares between May 15, 208 and November 19, 2010.
November 12, 2010 - An investor in shares of RINO International Corporation (NASDAQ: RINO) filed a lawsuit in the U.S. District Court for the Central District of California against RINO International Corporation over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges on behalf of investors who purchased the common stock of RINO International Corporation (during the period from March 31, 2009 to November 11, 2010, that RINO International Corporation and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by misrepresenting March 31, 2009 and November 11, 2010 RINO International Corporation’s true financial performance.
RINO International Corporation’s 12 month total revenue went from $10.76 million in 2006 to $192.64 million in 2009. Its net income went from $3.15 million in 2006 to $56.39 million in 2009. For the first two quarters in 2010 RINO International Corporation reported $47.86 million, respectively $65.38million in quarterly total revenue with $20.44 million, respectively $18.66 million net income.
Shares of RINO International Corporation (NASDAQ: RINO) traded in 2009 as high as $32.35 per share. In 2010 RINO International Corporation shares began to lose value and traded in May at $11.87 per share or 65% below its 2009 high. Over the past 6 months RINO shares were able to regain some value and traded on October 27 at $19.20 per share.
Then on November 10 a research report questioned RINO International Corporation‘s customer relationships and the accuracy of the financial results of RINO International Corporation's financial statements.
The plaintiff alleges that contrary to RINO International Corporation‘s annual report filed with the SEC for fiscal 2009 which reported $193 million of revenue, RINO International Corporation’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 International Corporation and its management, has raised red flags and prompted an internal review, so the plaintiff. The complaint asserts that when the market learned of this adverse information, the price of RINO International Corporation stock dropped damaging investors.
Shares of RINO International Corporation (NASDAQ: RINO) fell from $16.27 on November 9, 2010 to $10.57 per share on November 11, 2010.