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  "docSlug": "85021cb773d9",
  "documentTitle": "RINO International Corp. (RINO)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2010-11-10 00:00:00",
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  "notes": "The slide uses investigative research to contradict company-reported customer relationships and revenue figures.",
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      "text": "Because FGD historically represents approximately 60% - 75% of RINO's reported revenue, these fabrications show that RINO is significantly overstating its revenue.",
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      "kind": "paragraph",
      "text": "Five of the nine deny having purchased FGD systems from RINO. It is likely that RINO fabricated a sixth customer relationship (Bao Steel) from this group as well. Only three customers from the group confirm having purchased FGD systems from RINO.",
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      "text": "We confirmed that Yueyufeng is not an FGD customer, which means that 2009 revenue is at least $12.7 million lower than reported. A RINO March 2010 investor presentation (“Investor Presentation”) claims that Yueyufeng is a significant FGD customer.",
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      "text": "The purported FGD customers we found that have not actually purchased RINO FGD systems are the Yueyufeng Steel Group (“Yueyufeng”), Yuhua Steel Co. Ltd (“Yuhua”), the Lai Steel Group (“Lai”), Chongqing Iron & Steel (“Chongqing”), Nanchang Changli Iron & Steel (“Changli”), and most likely Bao Steel (“Bao”).",
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      "kind": "paragraph",
      "text": "We confirmed that Yuhua is not an FGD customer. RINO disclosed in its 2008 10-K (filed March 31, 2009) that it had installed an FGD system at Yuhua. However, our contact reported that Yuhua only has one FGD system, and that RINO was not the vendor.",
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      "text": "2 See Appendix A. 3 See Appendix B. 4 http://www.cnr.cn/zhfw/xwzx/zhxw/200908/t20090811_505427307.html 5 See Appendix C - we obtained the bid information from www.zhaobiao.gov.cn. 6 RINO International Corp. December 31, 2008 Form 10-K (filed March 31, 2009), p. 19.",
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