Business
Suspension of Trading
Suspension of Trading.
About this update from Rino International Corp.
[{"type":"text","content":"U.S. SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 64291 / April 11 , 2011SECURITIES AND EXCHANGE COMMISSION SUSPENDS TRADING IN THE SECURITIES OF RINO INTERNATIONAL CORPORATIONThe Securities and Exchange Commission (“Commission”) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading in the securities of RINO International Corporation (“RINO”), a Nevada corporation with headquarters and operations in the People’s Republic of China, at 9:30 a.m. EDT on April 11, 2011, and terminating at 11:59 p.m. EDT on April 25, 2011. It appears that there is a lack of current and accurate information concerning the securities of RINO International Corporation, because the company has failed to disclose that: (i) the outside law firm and forensic accountants hired by the audit committee to investigate allegations of financial fraud at the company resigned on or about March 31, 2011, after reporting the results of their investigation to management and the board; (ii) the chairman of the audit committee resigned on March 31, 2011; and (iii) the company’s remaining independent directors have also resigned. Further, questions have arisen regarding, among other things: (i) the size of the company’s operations and number of employees; (ii) the existence of certain material customer contracts; and (iii) the existence of two separate and materially different sets of corporate books and accounts. The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company. Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not it has complied with the rule, such broker or dealer should not e...