LOS ANGELES–(BUSINESS WIRE)–$R #fraud—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Ryder System, Inc. (“Ryder” or the “Company”) (NYSE: R) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Ryder investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email [email protected] or visit our website at www.glancylaw.com to learn more about your rights.
On October 29, 2019, the Company disclosed 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 recorded $177 million in additional depreciation expense in connection with the significantly lower residual value estimates.
On this news, Ryder’s stock price fell $6.68, or more than 12%, over two consecutive trading sessions to close at $48.44 per share on October 30, 2019, on unusually heavy trading volume.
Then, on February 13, 2020, the Company reported that it had incurred a total of $357 million in additional depreciation expense for 2019 due to lower residual values of its fleet, as well as a loss of $58 million on the sale of used vehicles. For fiscal 2020, Ryder expected to incur an additional $275 million in depreciation expense and an additional $20 million estimated loss on used vehicle sales.
On this news, the Company’s share price fell $10.07 per share, or 20%, over two consecutive trading sessions to close at $40.12 per share on February 14, 2020, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Ryder should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
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