Case Page

 

Case Status:    SETTLED
On or around 04/12/2017 (Date of stipulation and/or agreement of settlement)

Filing Date: November 12, 2014

According to the law firm press release, Rayonier, Inc. engages in the sale and development of real estate and timberland management, as well as in the production and sale of cellulose fibers in the United States, New Zealand, and Australia. The company operates in four segments: Timber, Real Estate, Performance Fibers, and Wood Products.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) the inclusion of this timber was incorrect, inconsistent with Rayonier's historical definition of merchantable timber inventory, and a significant change from prior years; (3) 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; (4) 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 (5) as a result of the foregoing, Rayonier's public statements were materially false and misleading at all relevant times.

On November 10, 2014, before the market opened for trading, the Company issued a press release and filed a Form 8-K with the SEC, reporting third quarter results and announcing a restatement of prior issued financial statements, which contained material errors.

On this news, shares of Rayonier fell $5.08 or almost 15%, on unusually heavy volume, to close at $28.82 on November 10, 2014.

On February 25, 2015, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiffs filed a consolidated complaint on April 7.

On August 26, 2015, the Court issued an Order granting defendants' motions to dismiss. Plaintiffs were given leave to file an amended complaint, which they did on September 25.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Forestry & Wood Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RYN
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: M.D. Florida
DOCKET #: 14-CV-01395
JUDGE: Hon. Marcia Morales Howard
DATE FILED: 11/12/2014
CLASS PERIOD START: 02/28/2014
CLASS PERIOD END: 11/07/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: M.D. Florida
DOCKET #: 14-CV-01395
JUDGE: Hon. Marcia Morales Howard
DATE FILED: 09/25/2015
CLASS PERIOD START: 10/26/2010
CLASS PERIOD END: 11/07/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Klausner, Kaufman, Jensen & Levinson
    10059 Northwest 1st Court, Klausner, Kaufman, Jensen & Levinson, FL 33324
    954.916.1202 954.916.1232 ·
  3. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date