|
|
|
Milberg LLP Announces the Filing of a Securities Fraud Class Action
Securities Class Action |
2010/12/15 23:33
|
A class action lawsuit was filed in the United States District Court for the Central District of California on behalf of purchasers of RINO International Corporation (" RINO | PowerRating") (PINKSHEETS: RINO) from July 13, 2009 to November 12, 2010, inclusive ("Class Period").
The complaint alleges RINO and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that RINO, a Chinese manufacturer of environmental protection equipment, fraudulently reported inflated revenues to the SEC that were, for 2009, more than 90% higher than revenues reported to Chinese regulators.
On November 10, 2010, a research firm reported that RINO executives allegedly engaged in a wide range of wrongful conduct, including inflating the Company's reported sales revenues and fabricating customer contracts.
In response to this news, the price of RINO's common stock fell $2.34 per share, or more than 15%, to close at $13.18 per share on November 11, 2010.
If you purchased RINO common stock during the Class Period you may, no later than January 14, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class.
Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.
Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website (www.milberg.com) has additional information.
|
|
|
|
|
|
|
 |
Investment Fraud Litigation |
|
|
|
|
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
|
|
|
| |
| |
| |
|
The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
|
Legal News RSS Feed
