Rayonier Announces Settlement of Securities Class Action Litigation
13 Março 2017 - 6:11PM
Business Wire
Rayonier Inc. (NYSE:RYN) announced today that the Company has
reached an agreement in principle to settle the securities class
action litigation pending against it in the United States District
Court for the Middle District of Florida (the “District Court”), In
re Rayonier Inc. Securities Litigation, Case No.
3:14-cv-01395-TJC-JBT. The settlement will resolve the claims
currently asserted against all defendants in the action, including
the Company and three former executive officers. The terms agreed
upon by the parties contemplate a settlement payment to the class
of $73 million, all of which will be funded by the Company’s
directors and officers (D&O) liability insurance carriers. The
Company expects to incur approximately $740,000 of costs in the
first half of 2017 for reimbursement of certain pre-litigation
legal expenses in connection with the settlement. The proposed
settlement is subject to completion of formal documentation and
approval by the District Court following notice to all class
members.
David L. Nunes, President and Chief Executive Officer, stated:
“We are pleased to have reached an agreement in principle with the
plaintiffs and believe that settling the case at this time is in
the best interests of the Company and our shareholders. We look
forward to putting this matter behind us and continuing to focus
our time and attention on strategic initiatives to build long-term
value for our shareholders.”
About Rayonier
Rayonier is a leading timberland real estate investment trust
with assets located in some of the most productive softwood timber
growing regions in the United States and New Zealand. As of
December 31, 2016, Rayonier owned, leased or managed approximately
2.7 million acres of timberlands located in the U.S. South (1.85
million acres), U.S. Pacific Northwest (378,000 acres) and New
Zealand (433,000 acres). More information is available at
www.rayonier.com.
Forward-Looking Statements
This press release contains forward-looking statements, as
defined by the Private Securities Litigation Reform Act of 1995 and
other federal securities laws. These forward-looking statements are
identified by the use of words such as “may,” “will,” “should,”
“expect,” “estimate,” “believe,” “intend,” “project,” “anticipate”
and other similar language. However, the absence of these or
similar words or expressions does not mean that a statement is not
forward-looking. While management believes that these
forward-looking statements are reasonable when made,
forward-looking statements are not guarantees of future performance
or events and undue reliance should not be placed on these
statements. The reader is cautioned not to rely on these
forward-looking statements. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could be vary materially from the expectations and
projections of Rayonier. Risks and uncertainties include
anticipated financial outcomes, business and market conditions,
outlook, expected dividend rate and the implementation of the
Company’s business strategies and other similar outcomes relating
to the Company’s future events, developments or financial or
operational performance or results. For additional factors that
could impact future results, please see Item 1A — Risk Factors in
the Company’s most recent Annual Report on Form 10-K and similar
discussions included in other reports that we subsequently file
with the Securities and Exchange Commission (the “SEC”).
Forward-looking statements are only as of the date they are made,
and the Company undertakes no duty to update its forward- looking
statements except as required by law. You are advised, however, to
review any further disclosures we make on related subjects in our
subsequent reports filed with the SEC.
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version on businesswire.com: http://www.businesswire.com/news/home/20170313006407/en/
RayonierInvestorsMark McHugh, 904-357-3757orMediaRoseann
Wentworth, 904-357-9185roseann.wentworth@rayonier.com
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