LOS ANGELES, Aug. 28, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Rayonier Advanced Materials Inc. ("Rayonier" or the "Company") (NYSE: RYAM) concerning possible violations of federal securities laws between October 29, 2014 and August 19, 2015, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the October 16, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at [email protected].
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Rayonier issued materially false and misleading statements, and/or failed to disclose adverse information, about its business and outlook. Specifically, despite the Company's claims during the Class Period that in 2015 Rayonier "will be able to maintain or increase [its] share of volume at each of [its] top 10 customers," since 2013, one of its top three customers, Eastman Chemical Company ("Eastman"), had been informing Rayonier of its competitors' pricing and had requested that Rayonier respond to declines in market pricing. This led to a protracted dispute between Rayonier and Eastman over the "meet and release" provision of their agreement.
On August 18, 2015, the Company filed a form 8-K with the Securities and Exchange Commission, informing investors that the Company filed an action against Eastman regarding its "chemical cellulose specialty products contract with Eastman." On August 19, 2015, Rayonier issued a press release further explaining the dispute with Eastman, stating that the language in the contract at issue involved the "meet or release" provisions of the agreement, which allowed Eastman to obtain "third party offers that meet the requirements of the Supply Agreement for similar cellulose specialties products, and would require [Rayonier] to either meet such price or release the volume, thereby allowing Eastman to purchase the volume from the third party." The release also revealed that on August 12, 2017, Eastman filed an action against the Company regarding the same "meet or release" provisions in their contract. Upon release of this information, shares of Rayonier fell in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
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SOURCE Lundin Law PC