NEW YORK, Nov. 10, 2014 /PRNewswire/ -- Tripp Levy
PLLC, a leading national securities law firm, announces that it is
investigating claims on behalf of investors of Rayonier, Inc.
(NYSE: RYN) ("Rayonier" or the "Company"). The
investigation focuses on certain statements issued by Rayonier
regarding the Company's financial results.
The Company announced that it had understated its depletion
expense in cost of goods sold 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 a result of the foregoing, the Audit Committee of the Company
concluded 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 $4.93 per share, or more than 14.5%, to
$28.97 per share in intraday trading
on November 10, 2014
If you purchased shares of Rayonier this year, and have suffered
a significant loss from your investment in Rayonair common stock
and would like to learn more about this investigation and your
ability to potentially recover your losses, please contact us
either by email at contact@tripplevy.com or by telephone at (800)
511-7037 or visit our website at www.tripplevy.com.
Tripp Levy PLLC is a leading national securities and shareholder
rights law firm representing both individual and institutional
shareholders and, along with its affiliates, has recovered billions
of dollars for shareholders. Tripp Levy PLLC is
affiliated with Milberg LLP. Attorney advertising.
Prior results do not indicate a similar outcome
Tripp Levy PLLC
Email: contact@tripplevy.com
Toll free: 1-800-511-7037
International: 602.241.2841
www.tripplevy.com
SOURCE Tripp Levy PLLC