NEW YORK, Nov. 26, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Middle District of Florida, on behalf of all persons who purchased or otherwise acquired Rayonier, Inc. ("Rayonier" or the "Company") (NYSE:RYN) securities during the period between January 27, 2014 and November 7, 2014, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that during the Class Period, Defendants misrepresented or failed to disclose that: (1) the Company incorrectly accounted for its merchantable timber inventory, understated depletion expense in cost of goods sold, and overstated income from continuing operations; (2) the Company's financial statements were not prepared in accordance with generally accepted accounting principles; and (3) 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 the Company's interim consolidated financial statements for the quarters ended March 31, 2014, and June 30, 2014, should no longer be relied upon. The Company is restating its interim consolidated financial statements for those periods. According to the Company, an internal review concluded that the Company "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.
If you wish to serve as lead plaintiff, you must move the Court no later than January 12, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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Source:Gainey McKenna& Egleston