Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of Florida on behalf of shareholders of Ryder System, Inc. who purchased shares between July 23, 2015 and February 13, 2020.
Ryder and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 13, 2020, the Company disclosed that, due to significant reductions to the residual value of its trucking fleet, it had taken a total of $357 million in depreciation expense for 2019 and a loss of approximately $58 million on used vehicle sales, and that it expected to incur another $275 million in depreciation expense on its fleet and an additional $20 million estimated loss on used vehicle sales in 2020.
On this news, the price of Ryder’s shares plummeted 20% over two trading days.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 20, 2020 to request that the court appoint them lead plaintiff.