LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray announces that a class action has been filed on behalf of investors of Rayonier Advanced Materials, Inc. (“RYAM” or the “Company”) (NYSE: RYAM) who purchased shares from June 30, 2014 and January 28, 2015, inclusive (the “Class Period”). The class action concerns the Company’s and its officers’ possible violations of federal securities laws, and the subsequent damage to RYAM investors.
Investors who purchased shares of RYAM during the Class Period have until July 6, 2015 to file a lead plaintiff motion. If you have information or would like to learn more about these claims, or have any questions concerning this announcement, please contact Lesley Portnoy, of Glancy Prongay & Murray, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
RYAM previously operated as the “Performance Fibers” subsidiary of Rayonier, Inc. On June 30, 2014, Rayonier, Inc. completed the spin-off of its Performance Fibers business, resulting in RYAM’s existence as an independent, publicly-traded company.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operation, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that RYAM improperly recorded and/or failed to record on its publicly issued financial statements material liabilities for environmental remediation and related obligations in violation of Generally Accepted Accounting Principles ("GAAP"). RYAM also failed to provide sufficient disclosure to investors to permit a meaningful evaluation of the true scope and extent of these environmental remediation and related liabilities, which were associated with decades of environmental pollution. These materially misleading misstatements and omissions regarding the Company's financial results occurred, in large part, because Defendants incorrectly accounted for its remediation and long-term monitoring and maintenance for environmental liabilities; and, thereby understated its Environmental Reserves and reasonably estimable environmental remediation and related liabilities as required by GAAP. As a result of Defendants' wrongful acts and omissions, and the resulting drop in the value of RYAM’s share price, investors have suffered significant damages.
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