WAYNE, Pa., Nov. 10, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Rayonier Inc. ("Rayonier" or the "Company") (NYSE: RYN).
Rayonier shareholders who purchased Rayonier shares should contact Richard A. Maniskas, Esquire at 877-316-3218 or at [email protected] to learn more about this investigation or visit: www.rmclasslaw.com/cases/ryn.
On November 3, 2014, the Company announced in an Securities and Exchange Commission ("SEC") filing that, "as a result of the internal review, Rayonier concluded that it included in merchantable timber inventory for 2014, timber in specially designated parcels located in restricted, environmentally sensitive or economically inaccessible areas, which was incorrect, inconsistent with its definition of merchantable timber inventory, and a significant change from prior years. As a result, Rayonier concluded that it understated its depletion expense in cost of goods sold (referred to as "Cost of sales" in its consolidated statements of income) 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 discussed under Item 8.01 of this Current Report on Form 8-K.
As a result of the foregoing, management of Rayonier recommended to the Audit Committee of the Board (the "Audit Committee"), and the Audit Committee concluded, on November 7, 2014, 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 $5.08 per share, or more than 14%, to $28.82 per share on November 10, 2014.
If you own Rayonier shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/ryn. You may also email Mr. Maniskas at [email protected]. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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