WILMINGTON, Del.--(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 firstname.lastname@example.org; 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.