NASHVILLE, Tenn. (Legal Newsline) – Stock purchasers of cellulose specialty products company allege the company deceived the investing public regarding its business and operations.
City of Warren General Employees' Retirement System filed a complaint individually and on behalf of all others similarly situated on Aug. 17 in the U.S. District Court for the Middle District of Tennessee, Nashville Division against Rayonier Advanced Materials Inc., Paul G. Boynton and Frank A. Ruperto citing federal securities laws.
According to the complaint, the plaintiff alleges that it suffered damages from purchasing securities at artificially inflated prices. The plaintiff holds Rayonier Advanced Materials Inc., Boynton and Ruperto responsible because the defendants allegedly misrepresented material facts to the public in order to artificially inflate the company's securities prices.
The plaintiff requests a trial by jury and seeks compensatory damages, damages, all legal fees and any other relief as the court deems just. They are represented by Christopher M. Wood of Robbins Geller Rudman & Dowd LLP in Nashville, Tennessee; by Samuel H. Rudman and Mario Alba Jr. of the same firm in Melville, New York; and by Thomas C. Michaud of Vanoverbeke, Michaud & Timmony in Detroit.
U.S. District Court for the Middle District of Tennessee, Nashville Division case number 3:17-cv-01167