December 2, 2010 / 6:57 PM / 9 years ago

UPDATE 1-Rino International shares to be delisted by Nasdaq

* Stock to be delisted on Dec 8

* Co does not intend to appeal Nasdaq decision

Dec 2 (Reuters) - Rino International Corp RINO.O said its shares, which have been halted since Nov. 17, will be delisted by Nasdaq as the Chinese clean-technology firm failed to provide adequate information on accounting allegations against it.

Rino said it received a letter from Nasdaq that said the company had failed to respond to Nasdaq’s request for additional information regarding allegations raised by research firm Muddy Waters LLC.

Last month, Muddy Waters alleged the company’s accounting “has serious flaws.”

The company, whose stock will be suspended on Dec. 8, said it does not intend to appeal Nasdaq’s decision.

The Nasdaq letter also said the company had not entered into certain previously disclosed contracts.

Rino’s auditors had earlier said the company did not enter two of the six contracts it reported revenue from for two years, according to a filing with U.S. securities regulators.

Rino, which provides clean technology products to China’s iron and steel industry, said it intends to reapply for listing at an appropriate time after the completion of an independent investigation by a committee of the company’s board.

On Nov. 17, the company said its auditors had found problems with its accounting and it authorized the hiring of an external law firm to conduct an independent investigation. [ID:nSGE6AI0GF] (Reporting by Vaishnavi Bala in Bangalore; Editing by Maju Samuel)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below