LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Ryder System, Inc. (“Ryder” or the “Company”) (NYSE:R) investors concerning the Company and its officers’ possible violations of federal securities laws.
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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.
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If you purchased Ryder securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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