NOTICE TO RAYONIER CURRENT AND FORMER EMPLOYEES: Zamansky LLC Investigates the Rayonier Investment & Savings Plan for Salarie...
July 29 2017 - 11:41AM
Business Wire
Zamansky LLC announces that it has commenced an investigation of
Rayonier Inc. (NYSE:RYN) on behalf of its current and former
employees over the Rayonier Investment and Savings Plan for
Salaried Employees (the “Plan”) for potential violations of the
federal Employee Retirement Income Security Act (“ERISA”). ERISA
imposes fiduciary duties to prudently manage and invest plan
assets. We are investigating whether these duties were violated by
the offering of the Rayonier Common Stock Fund before November 7,
2014, as an investment option for employees under the Plan.
On November 13, 2014, a securities class action lawsuit was
filed against Rayonier, the large forest and timberland company,
alleging that for many years the Company had misrepresented its
financial results by concealing that it had engaged in
unsustainable harvesting practices. Rayonier itself announced days
earlier that it was restating its financial results for earlier
that year. As a result, the Company’s stock price fell by 15%
because of artificial inflation, the lawsuit claims.
On March 13, 2017, Rayonier reported that it had agreed to a
proposed settlement of the securities class action for $73 million.
According to employee stock fraud attorney, Jake Zamansky,
Rayonier’s settlement raises serious issues whether the Plan’s
fiduciaries properly executed their duties under ERISA, he states.
ERISA is designed to protect employees’ retirement savings from
imprudent and inappropriate investments, Zamansky states.
What Current and Former Rayonier Employees Can Do
If you are an existing or former Rayonier employee who purchased
the Rayonier Common Stock Fund within the Plan before November 13,
2014, please contact our firm for an evaluation of your rights. You
can contact Jake Zamansky by telephone at (212) 742-1414 or by
email at jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm whose primary expertise
is securities fraud, ERISA and employment class actions. We are
investment fraud attorneys who represent both individual and
institutional investors. Our practice is recognized nationally for
our ability to aggressively prosecute cases and recover investment
losses. Attorney advertising. Prior results do not guarantee
similar outcomes.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170729005020/en/
Zamansky LLCJake Zamansky, 212-742-1414jake@zamansky.com
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