NEW YORK, Nov. 10, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm, announces that it is investigating claims on behalf of investors of Rayonier, Inc. ( NYSE: RYN) ("Rayonier" or the "Company"). The investigation focuses on certain statements issued by Rayonier regarding the Company's financial results.
The Company announced that it had understated its 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. In addition, management determined that there was a material weakness in Rayonier's internal controls related to merchantable timber inventory.
As a result of the foregoing, the Audit Committee of the Company concluded that Rayonier's interim consolidated financial statements for the quarters ended March 31, 2014 and June 30, 2014, its unaudited pro forma condensed consolidated balance sheets as of March 31, 2014, its unaudited pro forma condensed consolidated statements of income from continuing operations for the three months ended March 31, 2014 and the guidance provided by Rayonier for 2014 should no longer be relied upon.
On this news, shares of Rayonier fell $4.93 per share, or more than 14.5%, to $28.97 per share in intraday trading on November 10, 2014
If you purchased shares of Rayonier this year, and have suffered a significant loss from your investment in Rayonair common stock and would like to learn more about this investigation and your ability to potentially recover your losses, please contact us either by email at [email protected] or by telephone at (800) 511-7037 or visit our website at www.tripplevy.com.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome
SOURCE Tripp Levy PLLC