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
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
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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.