BOSTON, Nov. 13, 2014 /PRNewswire/ -- Block & Leviton
LLP has filed a class action lawsuit against 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 materially overstated. The
lawsuit was filed in the U.S. District Court for the Middle
District of Florida and is
captioned Keasler v. Rayonier Inc., 14-1398. The
lawsuit alleges that Defendants made materially false and
misleading statements between April 29,
2014 and November 10, 2014
(the "Class Period").
On November 10, 2014, Rayonier
announced that an internal investigation had determined that the
Company incorrectly counted as merchantable inventory for 2014
timber which was located in restricted, environmentally sensitive
or economically inaccessible areas. 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 … which resulted in a corresponding overstatement of
income from continuing operations of $1.9
million and $2.0 million,
respectively…." Likewise, the internal review found "a
material weakness in the Company's internal controls related to
merchantable timber inventory." In conjunction with these
announcements, the Company also announced it was lowering its
quarterly dividend.
Rayonier's stock price fell $2.71
per share on the day of the announcement, falling from $31.50 per share to close at $28.82. 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, establishing a new
52-week low for Rayonier common stock.
If you purchased Rayonier securities during the Class Period and
wish to serve as a lead plaintiff, you must move the Court no later
than January 12, 2015. As a
member of the class, you may seek to file a motion to serve as a
lead plaintiff or take no action and remain an absent class member.
If you have questions about your legal rights, would like a copy of
the complaint or if you have information relevant to this lawsuit,
please contact attorney Steven Harte
of Block & Leviton LLP, www.blockesq.com, at (617) 398-5600 or
at Steven@blockesq.com.
Confidentiality to whistleblowers or others with information
relevant to the lawsuit is assured.
Contact: BLOCK & LEVITON LLP
Steven Harte, Esq.
(617) 398-5600
Steven@blockesq.com
SOURCE Block & Leviton LLP