NEW YORK, Nov. 10, 2014 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Rayonier, Inc. ("Rayonier" or the "Company") ( NYSE: RYN -News). Such investors are advised to contact Peretz Bronstein or his investor relations coordinator Eitan Kimelman at [email protected] or 212-697-6484.
The investigation concerns whether Rayonier and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On November 10, 2014, Rayonier disclosed in a regulatory filing that it understated its depletion expense in cost of goods sold by approximately $2 million for the quarterly periods ended March 31, 2014 and June 30, 2014. This resulted in a corresponding overstatement in those periods of income for continuing operations of $1.9 million and $2 million respectively. According to the Rayonier's 8-K filing, "Management determined that there was a material weakness in Rayonier's internal controls related to merchantable timber inventory".
On this news, shares of Rayonier fell $4.01 per share, or 11.83% during intraday trading to trade at $29.89 per share on November 10, 2014.
If you are aware of any facts relating to this investigation, or purchased shares of Rayonier, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, email and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC