NEW YORK (TheStreet) -- Shares of Rayonier Inc. (RYN) continue to plummet, down 12.09% to $29.80 in late afternoon trading Monday, as the company is being investigated by law frim Glancy Binkow & Goldberg LLP on behalf of investors concerning possible violations of federal securities laws.
The investigation is focused on its operations and financial performance, after the company announced earlier today that it would realign its strategy and restate results for the first half of this year following an internal review of its operations, the Wall Street Journal reports.
The company said it had understated the depletion in the cost of goods sold in its quarterly reports for the periods ended March 31 and June 30 of 2014, the Journal added.
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Also, Rayonier lowered its quarterly dividend to 25 cents per share, from 30 cents per share.
Rayonier is a real estate investment trust, and engages in the sale and development of real estate and timberland management, as well as the production and sale of cellulose fibers in the U.S., New Zealand and Australia.
Separately, TheStreet Ratings team rates RAYONIER INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate RAYONIER INC (RYN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."