INVESTOR ALERT: Investigation of Rayonier, Inc. Announced by Glancy Binkow & Goldberg LLP
10 Novembro 2014 - 4:50PM
Business Wire
Glancy Binkow & Goldberg LLP announces that it is
investigating potential claims on behalf of investors of Rayonier,
Inc. (“Rayonier” or the “Company”) (NYSE:RYN) concerning possible
violations of federal securities laws. The investigation is focused
on the Company’s operations and financial performance. 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.
Please contact Lesley Portnoy or Casey Sadler at (310) 201-9150,
or at shareholders@glancylaw.com to discuss this matter. If you
inquire by email, please include your mailing address, telephone
number and number of shares purchased.
The investigation is related to the Company’s November 10, 2014,
disclosure in a regulatory filing that the Audit Committee of the
board of directors concluded, on November 7, 2014, 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. 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” and,
as a result, 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 purchased shares of Rayonier, if you have information or
would like to learn more about these claims, 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 at
(310) 201-9150, 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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