You seem to believe that Rino's fate is somehow tied to Muddy Waters. It no longer matters what MW said or will say. Rino has admitted that it "did not enter into two contracts for which it reported revenue" in 2008 and 2009.
All the market cares about now is that Rino has admitted to cooking the books.
"did not enter into two contracts for which it reported revenue"
It is possible and not unusual to earn revenue without having a formal contract. I do not know if this is the case just as you do not know it is not. That's why they don't just take the CEO's comments and decide exactly what he meant without delving into the facts.
Shorts could be in for a rude awakening if their spin on what they imagine happened proves incorrect or grossly exaggerated.