NEW ORLEANS, Nov. 13, 2014 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 12, 2015 to file lead plaintiff applications in a securities class action lawsuit against Rayonier Inc. (NYSE:RYN) if they purchased the Company's securities between January 27, 2014 and November 10, 2014, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Rayonier and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 12, 2015.
About the Lawsuit
Rayonier and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 10, 2014, Rayonier restated its interim consolidated financial statements for the quarters ended March 31, 2014 and June 30, 2014 following an internal review which had determined that the Company incorrectly counted as merchantable inventory for 2014 timber which was located in restricted, environmentally sensitive or economically inaccessible areas. The Company stated that it had "understated its depletion expense in cost of goods sold … which resulted in a corresponding overstatement of income from continuing operations of $1.9 million and $2.0 million, respectively…." Rayonier's internal review also found "a material weakness in the Company's internal controls related to merchantable timber inventory."
On this news, the price of Rayonier's shares plummeted.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.