Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against Rayonier Inc. and Certain of Its Senior Executives
(firmenpresse) - NEW YORK, NY -- (Marketwired) -- 11/13/14 -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of Lake Worth Firefighters' Pension Trust Fund ("Lake Worth") against Rayonier Inc. ("Rayonier" or the "Company") (NYSE: RYN) and certain of its senior executives. The action, which is captioned Lake Worth Firefighters' Pension Trust Fund v. Rayonier Inc. (M.D. Fla.) (the "Lake Worth Action"), asserts claims under the Securities Exchange Act of 1934 on behalf of investors in Rayonier securities during the period of January 27, 2014 to November 7, 2014, inclusive (the "Class Period"). A copy of the complaint is available on BLB&G's website at .
The Complaint alleges that during the Class Period, Rayonier misrepresented its financial results including cost of sales, operating income, net income, diluted and basic earnings per share, inventory levels, and other important financial metrics. The Complaint also alleges that Rayonier misrepresented or concealed from investors that its internal controls were defective and that the Company was engaging in unsustainable timber harvesting practices. When the truth regarding the Company's financial statements and unsustainable harvesting practices were revealed, the price of Rayonier stock declined from $33.90 per share to $28.82 per share, a decline of almost 15%.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from the date that notice of pendency of an action asserting substantially the same claims as the Lake Worth Action was published. On November 12, 2014, counsel for plaintiff Will Brown published notice of the pendency of an action asserting substantially the same claims as the Lake Worth Action. Brown v. Rayonier, Inc., No. 14-cv-8986 (S.D.N.Y. filed Nov. 12, 2014). Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is January 12, 2015. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at .
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at .
CONTACT:
Avi Josefson
Bernstein Litowitz Berger & Grossmann LLP
1285 Avenue of Americas, 38th Floor
New York, New York 10019
Telephone: (212) 554-1493
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Datum: 13.11.2014 - 22:20 Uhr
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