Rino manufactured, installed, and serviced wastewater treatment and flue gas desulphurization equipment for the steel industry.
In November 2010, Muddy Waters issued a short sell report claiming that revenue was inflated and assets did not exist. According to litigation documents, the company’s Chinese Books reflected sales of approximately $31m between 1Q08 and 9M10. The U.S. Books for the same period reflected sales over 15x that amount, or approximately $491m. Auditors, Frazer Frost, discovered that offering proceeds were diverted to buy a US$3.5m house in Orange County and for personal expenses.
On November 18th 2010, Rina released a Form 8-K conceding that its 2008 and 2009 accounts should no longer be relied upon. Muddy Water: RINO International Corp., 10 Nov 2011  US District Court: Legal Document, 15 May 2013
RINO International: Annual Report 2009