Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chinese cleantech company RINO International (Nasdaq: RINO) have been absolutely shellacked over the past couple days after a report circulated alleging fraud at the company.

So what: Who the heck is Muddy Waters? Besides one of the best blues guitarists ever, the name also belongs to a small-fry research firm that posted an absolutely damning report about RINO's business yesterday. The report claims that the company is almost a complete sham, doing everything from vastly inflating revenue to fabricating customer relationships, and allowing management to use company money to buy a luxury home in Orange County. 

Now what: Muddy Waters makes it very clear that it's no charity organization and has a vested interest here. It notes: "You should assume that as of the publication date of any report, Muddy Waters, LLC ... along with our clients has a short position in the stock ... covered herein, and therefore stands to realize significant gains in the event that the price of the stock declines." So investors need to consider that when digesting the report's allegations. RINO issued a press release today saying that it will be investigating Muddy Waters' claims and reaffirmed that it will release third-quarter earnings on the 15th. It remains to be seen whether Muddy Waters' allegations have merit, but if they do, investors may be singing some serious blues.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.