NEW YORK, Dec. 12, 2014 /PRNewswire/ -- Pomerantz LLP has
filed a class action lawsuit against Rayonier, Inc. ("Rayonier" or
the "Company")(NYSE: RYN) and certain of its officers.
The class action, filed in United States District Court, Middle
District of Florida, and docketed
under 14-cv-1395, is on behalf of a class consisting of all persons
or entities who purchased Rayonier securities between February 28, 2014 and November 7, 2014, inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased Rayonier securities
during the Class Period, you have until January 12, 2015 to ask the Court to appoint you
as Lead Plaintiff for the class. A copy of the Complaint can
be obtained at www.pomerantzlaw.com. To discuss this action,
contact Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Rayonier, Inc. engages in the sale and development of real
estate and timberland management, as well as in the production and
sale of cellulose fibers in the United
States, New Zealand, and
Australia. The company operates in
four segments: Timber, Real Estate, Performance Fibers, and Wood
Products.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (1) Rayonier's financial
statements overstated its estimated merchantable timber inventory
volumes by including timber in specially designated parcels located
in restricted, environmentally sensitive or economically
inaccessible areas; (2) the inclusion of this timber was incorrect,
inconsistent with Rayonier's historical definition of merchantable
timber inventory, and a significant change from prior years; (3)
Rayonier's financial statements understated 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; (4) there was a material weakness
in Rayonier's internal controls related to financial reporting as
of December 31, 2013, March 31, 2014, and June
30, 2014; and (5) as a result of the foregoing, Rayonier's
public statements were materially false and misleading at all
relevant times.
On November 10, 2014, before the
market opened for trading, the Company issued a press release and
filed a Form 8-K with the SEC, reporting third quarter results and
announcing a restatement of prior issued financial statements,
which contained material errors.
On this news, shares of Rayonier fell $5.08 or almost 15%, on unusually heavy volume,
to close at $28.82 on November 10, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, 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
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SOURCE Pomerantz LLP