NEW YORK, Nov. 10, 2014 /PRNewswire/ -- Pomerantz LLP is
investigating claims on behalf of investors of Rayonier, Inc.
("Rayonier" or the "Company") (NYSE: RYN). Such investors are
advised to contact Robert S.
Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext.
237.
The investigation concerns whether Rayonier and certain of its
officers and/or directors have violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934.
On November 3, 2014, the Company
announced in an Securities and Exchange Commission ("SEC") filing
that, "as a result of the internal review, Rayonier concluded that
it included in merchantable timber inventory for 2014, timber in
specially designated parcels located in restricted, environmentally
sensitive or economically inaccessible areas, which was incorrect,
inconsistent with its definition of merchantable timber inventory,
and a significant change from prior years. As a result, Rayonier
concluded that it understated its depletion expense in cost of
goods sold (referred to as "Cost of sales" in its consolidated
statements of income) by approximately $2.0
million in each of the quarterly periods ended March 31, 2014 and June
30 2014, which resulted in a corresponding overstatement of
income from continuing operations of $1.9
million and $2.0 million,
respectively, in those periods. In addition, management determined
that there was a material weakness in Rayonier's internal controls
related to merchantable timber inventory, as discussed under Item
8.01 of this Current Report on Form 8-K.
As a result of the foregoing, management of Rayonier recommended
to the Audit Committee of the Board (the "Audit Committee"), and
the Audit Committee concluded, on November
7, 2014, that Rayonier's interim consolidated financial
statements for the quarters ended March 31,
2014 and June 30, 2014, its
unaudited pro forma condensed consolidated balance sheets as of
March 31, 2014, its unaudited pro
forma condensed consolidated statements of income from continuing
operations for the three months ended March
31, 2014 and the guidance provided by Rayonier for 2014
should no longer be relied upon."
On this news, shares of Rayonier fell $4.05 per share, or more than 11.95%, to
$29.85 per share in intraday trading
on November 10, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San
Diego and Florida, is
acknowledged as one of the premier firms in the areas of corporate,
securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the
dean of the class action bar, the Pomerantz Firm pioneered the
field of securities class actions. Today, more than 70 years later,
the Pomerantz Firm continues in the tradition he established,
fighting for the rights of the victims of securities fraud,
breaches of fiduciary duty, and corporate misconduct. The Firm has
recovered numerous multimillion-dollar damages awards on behalf of
class members. See www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP