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Case Status:    SETTLED
On or around 02/01/2016 (Other)

Filing Date: November 12, 2010

According to the press release dated November 15, 2010, the Complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against RINO and certain of its officers and directors for misrepresenting the Company’s true financial performance. The Complaint alleges that contrary to the Company’s annual report filed with the SEC for fiscal 2009 which reported $193 million of revenue, the Company’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 and its management, has raised red flags and prompted an internal review. The Complaint asserts that when the market learned of this adverse information, the price of RINO stock dropped damaging investors.

On February 16, 2011, the Court entered the tentative ruling signed by Judge Valerie Baker Fairbank consolidating six related actions, granting Stream SICAV’s motion to be appointed lead plaintiff, and approving the Rosen Law Firm, P.A. as lead counsel for the class. The Court denies all other motions with respect to appointment of lead plaintiff and approval lead counsel. On April 18, 2011, the plaintiffs filed a Consolidated Amended Class Action Complaint. The defendants responded by filing motions to dismiss in September 2011.

On May 21, 2012, the Court issued a Preliminary Approval Order of the settlement between the parties.

On July 6, 2012, the Plaintiffs filed a second amended complaint.

On December 19, 2012, the Court issued a Final Judgment and Order of Dismissal with Prejudice. The case continues against the auditor defendant.

On January 14, 2013, the Court issued an Order granting the auditor's defendant's motion to dismiss. Plaintiffs were given leave to amend.

On February 27, 2013, the Court issued an Order awarding attorneys' fees and reimbursement of expenses.

On August 1, 2013, the Court issued an Order denying an auditor defendant's motion to dismiss the third amended complaint.

On January 31, 2014, plaintiffs filed a Fourth Amended Complaint.

On August 27, 2015, the plaintiffs entered a Stipulation of Settlement with the auditor defendant.

COMPANY INFORMATION:

Sector: Services
Industry: Waste Management Services
Headquarters: China

SECURITIES INFORMATION:

Ticker Symbol: RINO
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: C.D. California
DOCKET #: 10-CV-08695
JUDGE: Hon. Valerie Baker Fairbank
DATE FILED: 11/12/2010
CLASS PERIOD START: 03/31/2009
CLASS PERIOD END: 11/11/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A.
    333 South Grand Avenue, 25th Floor, The Rosen Law Firm, P.A., CA 90071
    213.785.2610 213.226-4684 ·
  2. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 10-CV-08695
JUDGE: Hon. Valerie Baker Fairbank
DATE FILED: 01/31/2014
CLASS PERIOD START: 03/31/2009
CLASS PERIOD END: 11/17/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date
No Document Title Filing Date