Rayonier Inc (NYSE: RYN) Investor Securities Class Action Lawsuit 11/12/2014

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Company Name(s): 
Rayonier
Case Name: 
Rayonier Shareholder Class Action Lawsuit 11/12/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: RYN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/12/2014
Class Period Begin: 
10/26/2010
Class Period End: 
11/07/2014
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
01/12/2015
Date Settled: 
06/01/2017
Settlement Amount: 
$73,000,000
Deadline to Participate in Settlement: 
10/13/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

October 5, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

June 1, 2017 - The court preliminarily approved the settlement.

April 12, 2017 - Parties filed a stipulation of settlement.

March 13, 2017 - The parties have reached an agreement in principle to settle.

May 20, 2016 - The court denied defendants' motions to dismiss.

October 26, 2015 - Defendants filed motions to dismiss.

September 25, 2015 - The lead plaintiffs filed another amended complaint.

August 26, 2015 - The court granted defendants' motions to dismiss without prejudice with leave to amend.

May 15, 2015 - Defendants filed motions to dismiss.

April 7, 2015 - The lead plaintiffs filed an amended complaint.

February 25, 2015 - The lead plaintiffs and lead counsel were appointed.

January 13, 2015 - Lead plaintiff motions were filed.

November 12, 2014 - An investor in shares of Rayonier Inc (NYSE: RYN) filed a lawsuit in the U.S. District Court for the Southern District of New York against Rayonier Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 30, 2014 and November 10, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Rayonier Inc (NYSE: RYN) common shares between April 30, 2014 and November 10, 2014, that the defendants violated Federal Securities Laws.

Shares of Rayonier Inc (NYSE: RYN) grew from $38.25 per share in November 2011 to as high as $60.31 per share in May 2013. Since then NYSE: RYN shares lost substantial value.

In January 2014 Rayonier Inc announced its fourth quarter and full year 2013 results. Rayonier Inc reported that its annual Total Revenue rose from over $1.48 billion in 2012 to over $1.7 billion in 2013 and that its Net Income increased from $278.69 million in 2012 to $371.90 million in 2013. Among other things, Rayonier Inc also announced that that it intends to separate the Performance Fibers business from the Forest Resources and Real Estate businesses.

In April 2014 Rayonier Inc reported its first quarter financial results. Rayonier Inc announced that that its first quarter Revenue declined from $393.70 million in 2013 to $386.7 million in 2014 and that its first quarter Net Income declined from $147.7 million in 2013 to $43.3 million in 2014. Rayonier Inc also said that the Company is on track to complete the separation of its Performance Fibers business, which will be named Rayonier Advanced Materials, by mid-2014.

In late June 2014 Rayonier Inc announced that on June 27, 2014, it completed the spin-off of Rayonier Advanced Materials Inc. (NYSE: RYAM), which is now a new independent specialty chemicals company.

In late July 2014 Rayonier Inc reported its second quarter financial results. Rayonier Inc announced that its second quarter Revenue increased from $154.9 million in 2013 to $163.1 million in 2014 while its second quarter Net Income declined from $87.9 million in 2013 to $18.1 million in 2014.

Then on November 10, 2014, Rayonier Inc announced its third quarter financial results. Among other things, Rayonier Inc reported that its third quarter Revenue declined from $159.3 million in 2013 to $149.8 million in 2014 and that its third quarter Net Income declined from $58.4 million in 2013 to $32.1 million in 2014. Rayonier Inc also announced that it restates its financial results for the first and second quarters of 2014 to correct understatements in depletion expense and corresponding overstatements in income from continuing operations.

Shares of Rayonier Inc (NYSE: RYN) declined to as low as $25.90 per share on November 12, 2014.

On November 12, 2014, Rayonier Inc (NYSE: RYN) shares closed at $26.10 per share.