Securities Class Action Filed Against Rayonier Advanced Materials, Inc.
Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that Rayonier improperly recorded and/or failed to record, on its publicly issued financial statements, material liabilities for environmental remediation and related obligations, in violation of GAAP. It is also alleged that Rayonier failed to provide sufficient disclosure to investors to permit a meaningful evaluation of the true scope and extent of these environmental remediation and related liabilities, which were associated with decades of environmental pollution. According to the Complaint, these materially misleading misstatements and omissions regarding the Company’s financial results occurred, in large part, because Defendants incorrectly accounted for the Company’s remediation and long-term monitoring and maintenance for environmental liabilities and, thereby, understated its Environmental Reserves and reasonably estimable environmental remediation and related liabilities as required by GAAP. As a result of Defendants’ wrongful acts and omissions, and the resulting drop in the value of Rayonier’s share price, investors have suffered damages. Filed in M.D. Fla.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 7/6/2015.
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