INVESTOR ALERT: Glancy Binkow & Goldberg LLP Announces An Expanded Class Period in the Shareholder Lawsuit Against Rayonier, ...
24 Dezembro 2014 - 5:09PM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
Rayonier, Inc. (“Rayonier” or the “Company”) (NYSE:RYN), has filed
a class action lawsuit in the United States District Court for the
Middle District of Florida with an expanded Class Period, including
purchasers of Rayonier securities between July 22, 2013 and
November 7, 2014, inclusive (the “Class Period”).
Rayonier engages in the sale and development of real estate and
timberland management and the production and sale of cellulose
fibers in the United States, New Zealand and Australia. The
Complaint alleges that defendants made false and/or misleading
statements and failed to disclose material adverse facts about the
Company’s business, operations and prospects. Specifically,
defendants misrepresented or failed to disclose that: (1) the
Company incorrectly accounted for its merchantable timber
inventory, understated depletion expense in cost of goods sold, and
overstated income from continuing operations; (2) the Company’s
financial statements were not prepared in accordance with Generally
Accepted Accounting Principles; and (3) the Company lacked adequate
internal and financial controls.
On November 10, 2014, the Company disclosed that the Audit
Committee of the board of directors concluded that Rayonier’s
interim consolidated financial statements for the quarters ended
March 31, 2014, and June 30, 2014, should no longer be relied upon.
Rayonier is restating its interim consolidated financial statements
for those periods.
According to the Company, an internal review concluded that
Rayonier “incorrectly included in merchantable timber inventory for
2014, timber in specially designated parcels located in restricted,
environmentally sensitive or economically inaccessible areas.” As a
result of the foregoing, the Company understated its depletion
expense in cost of goods sold by approximately $2 million in each
of the quarterly periods ended March 31, 2014 and June 30 2014, and
overstated income from continuing operations of $1.9 million and
$2.0 million, respectively, in those periods.
The Company further disclosed that management determined that
there was a material weakness in Rayonier’s internal controls
related to merchantable timber inventory, which were not adequate
to ensure that the changes in depletion rate estimates used to
recognize depletion expense in 2014 were in accordance with
accounting principles generally accepted in the United States..
If you are a member of the Class described above, you may move
the Court no later than January 12, 2015, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, Esquire, or Casey Sadler, Esquire, of Glancy Binkow
& Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, Toll Free at (888) 773-9224, by e-mail
to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLP, Los Angeles, CALesley
PortnoyCasey Sadler(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com
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