SAN DIEGO--(BUSINESS WIRE)--Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of Rayonier Advanced Materials, Inc. (“Rayonier” or the “Company”) (NYSE: RYAM) breached their fiduciary duties to the Company and its shareholders.
Rayonier manufactures cellulose products that are sold throughout the world to companies for use in various industrial applications and to produce a wide variety of product, including cigarette filters, foods, pharmaceuticals, textiles and electronics.
A securities class action was filed against Rayonier and certain of its officers and directors in the United States District Court for the Middle District of Tennessee. The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that since 2013, one of Rayonier’s top three customers, Eastman Chemical Company, had been informing Rayonier of its competitors’ pricing and had requested that Rayonier respond to declines in market pricing, leading to a protracted dispute between Rayonier and Eastman over the “meet and release” provision of their agreement. Nonetheless, Rayonier claimed that in 2015 it would “be able to maintain or increase [its] share of volume at each of [its] top 10 customers.” When the true details entered the market and Eastman sued Rayonier over the “meet or release” provisions on August 12, 2017, Rayonier’s stock dropped, and shareholders and the Company were damaged.
Specifically, our lawsuit focuses on whether Rayonier’s officers and directors breached their fiduciary duties in relation to such misrepresentations and/or omissions regarding Eastman Chemical Company.
What You Can Do
If you are a Rayonier shareholder, you may have legal claims against Rayonier’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please call attorney Amber Eck at 619-342-8000 or e-mail her at email@example.com. There is no cost or obligation to you.
Haeggquist & Eck, LLP is a nationally recognized leader in shareholder rights law. The firm represents individual investors in shareholder derivative lawsuits, and members of the firm have helped shareholders recover more than $1 billion of value for themselves and the companies in which they have invested.
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