NEW YORK, Nov. 19, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of investors who purchased Rayonier, Inc. ("Rayonier" or the "Company") (NYSE:RYN) securities between April 29, 2014 and November 10, 2014, inclusive. The complaint alleges that Rayonier made materially false and misleading statements regarding the Company's business, operational and compliance policies.
On November 10, 2014, the Company announced in an SEC filing that it had understated its depletion expense in cost of goods sold by approximately $2 million for the periods ended March 31, 2014 and June 30, 2014. As a result of this understatement, the Company further acknowledged a corresponding overstatement in those periods of income for continuing operations of $1.9 million and $2 million respectively. The Company cited a "material weakness in Rayonier's internal controls related to merchantable timber inventory."
As a result of this shocking disclosure, shares of Rayonier closed at $28.82, down $5.08 per share, a market capitalization decline of $643 million.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Rayonier investigation."
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