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Lawsuit filed for Investors in shares of Ryder System, Inc. (NYSE: R)

05-27-2020 08:24 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Ryder System, Inc. (NYSE: R) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Ryder System, Inc. (NYSE: R) shares over alleged securities laws violations.

An investor, who purchased shares of Ryder System, Inc. (NYSE: R), filed a lawsuit over alleged violations of Federal Securities Laws by Ryder System, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Ryder System, Inc. (NYSE: R) have certain options and for certain investors are short and strict deadlines running. Deadline: July 20, 2020. NYSE: R investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Miami, FL based Ryder System, Inc. provides transportation and supply chain management solutions worldwide.

On October 29, 2019, the Company revealed that "our residual value estimates likely exceeded the expected future values that would be realized upon the sale of power vehicles in our fleet." As a result, Ryder significantly lowered the residual value of its trucking fleet and incurred $177 million in additional depreciation expense in the third quarter of 2019.
Then, on February 13, 2020, Ryder System, Inc. reported its fourth quarter and full year 2019 financial results. Ryder System, Inc. reported that its annual Total Revenue rose from over $8.4 billion in 2018 to over $9.92 billion in 2019, and that its Net Income of $273.29 million in 2018 to a Net Loss of $24.41 million in 2019. Ryder also stated that, based on the significant reductions to the residual value of its fleet, it had incurred a total of $357 million in additional depreciation expense for 2019, as well as a loss of $58 million on the sale of used vehicles. Ryder System, Inc. also announced that, for 2020, it expected to incur an additional $275 million in depreciation expense on its fleet, and an additional $20 million estimated loss on used vehicle sales.

Shares of Ryder System, Inc. (NYSE: R) declined from $57.38 per share on January 16, 2020, to as low as $22.62 per share on April 3, 2020.

The plaintiff claims that between July 23, 2015, and February 13, 2020, the Defendants inflated Ryder's financial results by systematically overstating the residual value of its trucking fleet, that while Ryder repeatedly increased the expected residual values of its trucks, the actual amount Ryder was receiving from sales of used trucks had started to decline beginning in 2015, that nevertheless, the Company assured investors that it had been "conservative" in establishing the residual values of trucks in its fleet and "[w]e don't have a situation where we've got a bunch of vehicles that are at high residual values [and] have to be written down", and that as a result of Defendants' misrepresentations, shares of Ryder's common stock traded at artificially inflated prices between July 23, 2015, and February 13, 2020.

Those who purchased shares of Ryder System, Inc. (NYSE: R) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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