SAN DIEGO, Dec. 17, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Rayonier Inc. (RYN) over alleged Federal Securities Laws Violations by Rayonier Inc.
Investors who purchased a significant amount of shares of Rayonier Inc. (NYSE:RYN) between February 28, 2014 and November 7, 2014, and / or those who purchased any (NYSE:RYN) shares prior to February 2014 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: January 12, 2015. (NYSE:RYN) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants allegedly made false and/or misleading statements and/or allegedly failed to disclose that Rayonier's financial statements overstated its estimated merchantable timber inventory volumes by including timber in specially designated parcels located in restricted, environmentally sensitive or economically inaccessible areas, that the inclusion of this timber was incorrect, inconsistent with Rayonier's historical definition of merchantable timber inventory, and a significant change from prior years, that Rayonier's financial statements understated depletion expense in cost of goods sold by approximately $2.0 million in each of the quarterly periods ended March 31, 2014, and June 30, 2014, which resulted in a corresponding overstatement of income from continuing operations of $1.9 million and $2.0 million, respectively, in those periods, that there was a material weakness in Rayonier's internal controls related to financial reporting as of December 31, 2013, March 31, 2014, and June 30, 2014, and that as a result of the foregoing, Rayonier's public statements were materially false and misleading at all relevant times.
On November 10, 2014, Rayonier Inc. announced its third quarter financial results. Among other things, Rayonier Inc. announced that it restates its financial results for the first and second quarters of 2014 to correct understatements in depletion expense and corresponding overstatements in income from continuing operations.
Shares of Rayonier Inc. (NYSE:RYN) declined from almost $49 per share in June 2014 to as low as $25.88 per share on December 16, 2014.
Those who purchased shares of Rayonier Inc. (NYSE:RYN) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.