Company Website:
http://www.glancylaw.com
LOS ANGELES -- (Business Wire)
Glancy
Binkow & Goldberg LLP, representing investors of Rayonier,
Inc. (“Rayonier” or the “Company”) (NYSE:RYN), has filed a class
action lawsuit in the United States District Court for the Middle
District of Florida on behalf of a class (the “Class”) comprising
purchasers of Rayonier securities between January 27, 2014 and November
7, 2014, inclusive (the “Class Period”).
Please contact Lesley
Portnoy or Casey
Sadler at (310) 201-9150, or at shareholders@glancylaw.com
to discuss this matter. If you inquire by email, please include your
mailing address, telephone number and number of shares purchased.
Rayonier engages in the sale and development of real estate and
timberland management and the production and sale of cellulose fibers in
the United States, New Zealand and Australia. The Complaint
alleges that defendants made false and/or misleading statements and
failed to disclose material adverse facts about the Company’s business,
operations and prospects. Specifically, defendants misrepresented or
failed to disclose that: (i) the Company incorrectly accounted for its
merchantable timber inventory, understated depletion expense in cost of
goods sold, and overstated income from continuing operations; (ii) the
Company’s financial statements were not prepared in accordance with
generally accepted accounting principles; and (iii) the Company lacked
adequate internal and financial controls.
On November 10, 2014, the Company disclosed that the Audit Committee of
the board of directors concluded that Rayonier’s interim consolidated
financial statements for the quarters ended March 31, 2014, and June 30,
2014, should no longer be relied upon. Rayonier is restating its interim
consolidated financial statements for those periods. According to the
Company, an internal review concluded that Rayonier “incorrectly
included in merchantable timber inventory for 2014, timber in specially
designated parcels located in restricted, environmentally sensitive or
economically inaccessible areas” and, as a result, understated its
depletion expense in cost of goods sold by approximately $2 million in
each of the quarterly periods ended March 31, 2014 and June 30 2014, and
overstated income from continuing operations of $1.9 million and $2.0
million, respectively, in those periods.
The Company further disclosed that management determined that there was
a material weakness in Rayonier’s internal controls related to
merchantable timber inventory, which were not adequate to ensure that
the changes in depletion rate estimates used to recognize depletion
expense in 2014 were in accordance with accounting principles generally
accepted in the United States.
If you are a member of the Class described above, you may move the Court
no later than January 12, 2015, to serve as lead plaintiff, if you meet
certain legal requirements. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley
Portnoy, Esquire, or Casey
Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park
East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by
e-mail to shareholders@glancylaw.com,
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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts:
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lesley Portnoy
Casey
Sadler
310-201-9150
888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
Source: Glancy Binkow & Goldberg LLP
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