BOSTON, Nov. 11, 2014 /PRNewswire/ -- Block & Leviton
LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, is investigating possible securities law violations by
Rayonier Inc. ("Rayonier" or the "Company") (NYSE: RYN)
following the Company's announcement that its financial results for
the first and second quarters of 2014 were overstated when
announced.
More specifically, on November 10,
2014, Rayonier announced that an internal review had
determined that the Company "included in merchantable timber
inventory for 2014, timber in specially designated parcels located
in restricted, environmentally sensitive or economically
inaccessible areas, which was incorrect, inconsistent with its
definition of merchantable timber inventory, and a significant
change from prior years." In response to these findings, the
Company restated its financial results for the effected quarters
because it had "understated its 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." Likewise, the internal review found "a
material weakness in the Company's internal controls related to
merchantable timber inventory." In conjunction with the
announcement of the restatement, the Company also announced that it
was lowering its quarterly dividend.
Not surprisingly, this news shocked the market and caused the
Rayonier's stock price to plummet $2.71 per share on November 10, 2014, falling from $31.50 per share to close at $28.82, on extremely high volume. The next
day, November 11, 2014, the negative
market reaction continued, causing the Company's share price to
trade as low as $26.19 per share in
early trading, establishing a new 52 week low for Rayonier.
Block & Leviton's investigation seeks to determine, among
other things, whether Rayonier or its officers and directors
violated the federal securities laws by artificially and materially
inflating its financial results. If you purchased Rayonier
securities between April 29, 2014,
through November 10, 2014, and have
any information relevant to this investigation, or have questions
about your legal rights, please contact attorney Steven Harte of Block & Leviton LLP at (617)
398-5600 or email him at Steven@blockesq.com. Confidentiality
to whistleblowers or others with information relevant to the
lawsuit is assured.
This notice may constitute attorney advertising.
Contact: BLOCK & LEVITON LLP
Steven Harte, Esq.
(617) 398-5600
Steven@blockesq.com
SOURCE Block & Leviton LLP