Rayonier Advanced Materials investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Rayonier Advanced Materials manufactures and sells cellulose specialty products in the U.S., China, Japan, Canada, Europe, Latin America, other Asian countries and internationally.
The Class Period commences on October 29, 2014, when Rayonier Advanced Materials issued a press release announcing its financial results for the third quarter of 2014, the period ending September 30, 2014.
The complaint alleges that, on August 18, 2015, after the markets closed, the company filed a form 8-K with the SEC informing investors that the company had filed an action against Eastman Chemical Company (“Eastman”) regarding its “chemical cellulose specialty products contract with Eastman.” On August 19, 2015, the company issued a press release, which further explained the dispute with Eastman. Specifically, the language in the contract at issue involved the “meet or release” provisions, which allow Eastman to obtain “third party offers that meet the requirements of the Supply Agreement for similar cellulose specialties products, and would require [Rayonier Advanced Materials] to either meet such price or release the volume, thereby allowing Eastman to purchase the volume from the third party.”
Following this news, the price of Rayonier Advanced Materials common stock fell $6.01 per share, or 44%, to close at $7.62 per share, on heavy trading volume.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (a) since 2013, Eastman had been informing Rayonier Advanced Materials of its competitors’ pricing and requesting that Rayonier Advanced Materials respond to declines in market pricing; (b) Rayonier Advanced Materials and Eastman have been in a protracted dispute over the “meet and release” provision of their agreement; and (c) as a result of the foregoing, the defendants lacked a reasonable basis for their positive statements about the company’s financial performance and outlook during the Class Period.
If you are a member of the class described above, you may no later than October 16, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
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Kessler Topaz Meltzer & Check, LLP
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