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  "documentTitle": "RINO International Corp. (RINO)",
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  "authorName": "Carson C. Block",
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      "text": "RINO claims to be the leader in selling desulfurization (“FGD”) and other environmental equipment to Chinese steel mills. It reported 2009 revenue of $193 million. In reality its revenue is under $15 million, and its management has diverted tens of millions of dollars for its own use.",
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      "text": "Use of Muddy Waters LLC's research is at your own risk...",
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      "text": "RINO's balance sheet has an astonishingly small amount of tangible assets for a manufacturer.",
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      "text": "RINO's FGD sales (60% to 75% of revenue) are much lower than it claims. We found that many of its customer relationships do not exist.",
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      "text": "RINO claims to be the leader in selling desulfurization... We value RINO based on the cash we believe remains in the company after the most recent raise.",
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      "text": "RINO's accounting has serious flaws that are clear signs of cooked books.",
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      "text": "We are not sanguine about management “borrowing” $3.2 million to purchase a luxury home in Orange County, CA.",
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      "text": "RINO's management is draining cash from the company for its own business and personal uses.",
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      "text": "RINO is not the industry leader it claims to be in the steel sinter FGD system market.",
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      "text": "Chinese regulatory filings show that RINO's consolidated 2009 revenue was only $11 million, or 94.2% lower than it reported in the US.",
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      "text": "Target Price: $2.45",
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