LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Rayonier Advanced Materials Inc. (“Rayonier” or the “Company”) (NYSE: RYAM) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission (the “SEC”).
Investors who purchased the Company’s shares between October 29, 2014 and August 19, 2015, inclusive (the “Class Period”), are encouraged to contact the firm before October 16, 2017, the lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
We also encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.goldberglawpc.com/, or by email at info@goldberglawpc.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, Rayonier issued materially false and misleading statements, and/or failed to disclose adverse information, about its business and outlook. Specifically, despite the Company’s claims during the Class Period that in 2015 Rayonier “will be able to maintain or increase [its] share of volume at each of [its] top 10 customers,” since 2013, one of its top three customers, Eastman Chemical Company (“Eastman”), informed Rayonier of its competitors’ pricing and requested that it respond to declines in market pricing. This led to a protracted dispute between Rayonier and Eastman over the “meet and release” provision of their agreement.
On August 18, 2015, the Company filed a form 8-K with the SEC, informing investors that the Company filed an action against Eastman regarding its “chemical cellulose specialty products contract with Eastman.” On August 19, 2015, Rayonier issued a press release further explaining the dispute with Eastman, stating that the language in the contract at issue involved the “meet or release” provisions of the agreement, which allowed Eastman to obtain “third party offers that meet the requirements of the Supply Agreement for similar cellulose specialties products, and would require [Rayonier] to either meet such price or release the volume, thereby allowing Eastman to purchase the volume from the third party.” The release also revealed that on August 12, 2017, Eastman filed an action against the Company regarding the same “meet or release” provisions in their contract. Following this news, Rayonier’s stock price dropped materially, which caused investors harm.
Goldberg Law PC represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
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