NEW YORK--(BUSINESS WIRE)--Zamansky LLC announces that it has commenced an investigation of Rayonier Inc. (NYSE:RYN) on behalf of its current and former employees over the Rayonier Investment and Savings Plan for Salaried Employees (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. We are investigating whether these duties were violated by the offering of the Rayonier Common Stock Fund before November 7, 2014, as an investment option for employees under the Plan.
On November 13, 2014, a securities class action lawsuit was filed against Rayonier, the large forest and timberland company, alleging that for many years the Company had misrepresented its financial results by concealing that it had engaged in unsustainable harvesting practices. Rayonier itself announced days earlier that it was restating its financial results for earlier that year. As a result, the Company’s stock price fell by 15% because of artificial inflation, the lawsuit claims.
On March 13, 2017, Rayonier reported that it had agreed to a proposed settlement of the securities class action for $73 million. According to employee stock fraud attorney, Jake Zamansky, Rayonier’s settlement raises serious issues whether the Plan’s fiduciaries properly executed their duties under ERISA, he states. ERISA is designed to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What Current and Former Rayonier Employees Can Do
If you are an existing or former Rayonier employee who purchased the Rayonier Common Stock Fund within the Plan before November 13, 2014, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.
About Zamansky LLC
Zamansky LLC is a leading stock law firm whose primary expertise is securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is recognized nationally for our ability to aggressively prosecute cases and recover investment losses. Attorney advertising. Prior results do not guarantee similar outcomes.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.