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: Normally in this space I'm covering stocks whose shares have actually moved 10% or more in one direction or another. I decided to make an exception today, however, for RINO International (Nasdaq: RINO). Though shares of RINO didn't budge a single cent today, they should have been taking a further dive.

So what: It's been an ongoing soap opera at RINO International as investors have tried to sort out whether there's any validity to the claims by short-selling research firm Muddy Waters that the company is riddled with fraud. Today, in a filing with the Securities and Exchange Commission, the company's auditor said that financial reports going back to 2008 are no longer reliable and that, in particular, at least two contracts that the company reported revenue from were nonexistent. So why didn't shares move today? The stock has been halted since earlier this week, and it looks like investors may be kept on ice for even longer as the Nasdaq will continue the lock-down until it receives further information from the company.

Now what: Most of the words that adequately describe this situation aren't fit to print. But let's just say it's ugly. Both China Valves Technology (Nasdaq: CVVT) and Harbin Electric (Nasdaq: HRBN) were falling today on the news as both companies share RINO's auditor. While concern over those companies may be a bit premature, it's understandable that investors are getting queasy about anything that's related at all to this RINO debacle. Undoubtedly, there will be more to come from this sordi d tale, but for now it looks as if the share halt will keep investors from doing anything about it. But unless something drastic changes, when that lockup is lifted, it seems like investors would be best off running as fast as they can from this company.

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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.