SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on Their Investment in Rayonier, Inc. of Class Action ...
28 Dezembro 2014 - 1:00AM
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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