NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky, LLP is investigating Rayonier, Inc. (“Rayonier” or the “Company”) (NYSE:RYN) in connection with possible breaches of fiduciary duty by the Board of Directors of the Company.
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On November 3, 2014, the Company announced in an SEC filing that it had understated its depletion expense in cost of goods sold by approximately $2 million for the periods ended March 31, 2014 and June 30, 2014. As a result of this understatement, the Company further acknowledged a corresponding overstatement in those periods of income for continuing operations of $1.9 million and $2 million respectively. The Company cited a “material weakness in Rayonier’s internal controls related to merchantable timber inventory” as the overstatements’ cause.
If you own common stock in Rayonier and wish to obtain additional information about the investigation, please contact Eduard Korsinsky, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/rayonier-ryn.
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