Discussion in 'Stocks' started by tradingjournals, Nov 10, 2010.
return on equity is positive, but stock is falling hard. What are the reasons? news, rumors/etc ?
muddy waters research report saying company is a fraud
"Recently, one market commentator published a report questioning the accuracy of RINO's financial statements. In its SEC filed annual report for fiscal 2009, RINO reported $193 million of revenue, while the annual report it filed for 2009 with the China State Administration for Industry and Commerce reported only $11 million of revenue. This discrepancy, along with other accounting inconsistencies and questionable transactions between RINO and its management, has raised red flags and prompted an internal review."
Seems like a wee bit of a revenue discrepancy there. This should prove interesting. Stock has a 50% short interest. Hmmm...
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