LOS ANGELES, CA / ACCESSWIRE / October 16, 2017 / Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Rayonier Advanced Materials Inc. ("Rayonier" or the "Company") (NYSE: RYAM) regarding possible violations of federal securities laws from October 29, 2014 through August 19, 2015, inclusive (the "Class Period"). Investors, who purchased or otherwise acquired Rayonier shares during the Class Period, should contact the firm by October 16, 2017, the lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet, and until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The Complaint alleges that, throughout the Class Period, Rayonier issued materially false and misleading statements, and/or failed to disclose adverse information, about its business and outlook. Specifically, despite the Company's claims during the Class Period that in 2015 Rayonier "will be able to maintain or increase [its] share of volume at each of [its] top 10 customers," since 2013, one of its top three customers, Eastman Chemical Company ("Eastman"), had been informing Rayonier of its competitors' pricing and had requested that Rayonier respond to declines in market pricing. This led to a protracted dispute between Rayonier and Eastman over the "meet and release" provision of their agreement.
On August 18, 2015, the Company filed a form 8-K with the U.S. Securities and Exchange Commission, informing investors that the Company filed an action against Eastman regarding its "chemical cellulose specialty products contract with Eastman." On August 19, 2015, Rayonier issued a press release further explaining the dispute with Eastman, stating that the language in the contract at issue involved the "meet or release" provisions of the agreement, which allowed Eastman to obtain "third party offers that meet the requirements of the Supply Agreement for similar cellulose specialties products, and would require [Rayonier] to either meet such price or release the volume, thereby allowing Eastman to purchase the volume from the third party." The release also revealed that on August 12, 2017, Eastman filed an action against the Company regarding the same "meet or release" provisions in their contract. Following this news, Rayonier's stock price fell materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
This press release may constitute Attorney Advertising in certain jurisdictions under the applicable law and ethics rules.
Contact:
Lundin Law PC
Brian Lundin, Esq.
Telephone: 888-713-1033
Facsimile: 888-713-1125
brian@lundinlawpc.com
http://lundinlawpc.com/
SOURCE: Lundin Law PC
