NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of investors who purchased Rayonier, Inc. (“Rayonier” or the “Company”) (NYSE:RYN) securities between April 29, 2014 and November 10, 2014. The complaint alleges that Rayonier made materially false and misleading statements regarding the Company’s business, operational and compliance policies.
For more information, click here: http://zlk.9nl.com/rayonier-ryn.
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 suffered a loss in Rayonier you have until January 12, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, 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.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.