The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Rayonier Advanced Materials Inc. (NYSE: RYAM) who purchased shares between October 29, 2014 and August 19, 2015. The action, which was filed in the United States District Court for the Middle District of Tennessee, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that since 2013, one of Rayonier’s top customers, Eastman Chemical Company, had been informing Rayonier of its competitors’ pricing and had requested that Rayonier respond to declines in market pricing, leading to a protracted dispute between Rayonier and Eastman over the “meet and release” provision of their agreement. Nevertheless, Rayonier claimed during the Class Period that in 2015 it would “be able to maintain or increase [its] share of volume at each of [its] top 10 customers.” When the true details entered the market, the lawsuit claims that investors suffered damages.
Shareholders have until October 16, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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