Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against Rayonier Inc.
13 Novembro 2014 - 9:39PM
Business Wire
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of
Rayonier Inc. (NYSE: RYN)?
- Did you purchase your shares before
February 28, 2014, or between February 28, 2014 and November 7,
2014, inclusive?
- Did you lose money in your
investment in Rayonier Inc.?
- Do you want to discuss your
rights?
Rigrodsky & Long, P.A., including former Special Assistant
United States Attorney, Timothy J. MacFall, announces that a
complaint has been filed in the United States District Court for
the Middle District of Florida on behalf of all persons or entities
that purchased the common stock of Rayonier Inc. (“Rayonier” or the
“Company”) (NYSE: RYN) between February 28, 2014 and November 7,
2014, inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers (the “Complaint”).
If you purchased shares of Rayonier during the Class Period, or
purchased shares prior to the Class Period and still hold Rayonier,
and wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact Timothy J.
MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242;
by e-mail to info@rl-legal.com; or at:
http://www.rigrodskylong.com/investigations/rayonier-inc-ryn.
Rayonier is a leading international forest products company
primarily engaged in activities associated with timberland
management, the sale and entitlement of real estate, and the
production and sale of high value specialty cellulose fibers. The
Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements, and omitted materially
adverse facts, about the Company’s business, operations and
prospects. Specifically, the Complaint alleges that the defendants
concealed from the investing public 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. As a result of defendants’
alleged false and misleading statements, the Company’s stock traded
at artificially inflated prices during the Class Period.
According to the Complaint, on November 10, 2014, the Company
issued a press release, where it announced, among other things,
that the Company would need to restate its financial results for
the first and second quarters of 2014 to correct understatements in
depletion expense and corresponding overstatements in income from
continuing operations.
On this news, shares in Rayonier plummeted almost 15%, closing
at $28.82 per share on November 10, 2014, on unusually high trading
volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 12, 2015. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member’s claim is typical
of the claims of other class members, and that the class member
will adequately represent the class. Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. Any member of the proposed class may
move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class
member.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
Rigrodsky & Long, P.A.Timothy J. MacFall, EsquirePeter
Allocco888-969-4242516-683-3516Fax:
302-654-7530info@rl-legal.comhttp://www.rigrodskylong.com
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