SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Ryder System, Inc. Investors (R)
[May 21, 2020]

The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Ryder System, Inc. Investors (R)


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.

If you are a shareholder who suffered a loss, click here to participate.

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 veicles 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.

Follow us for updates on Twitter (News - Alert): twitter.com/FRC_LAW.

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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


[ Back To TMCnet.com's Homepage ]









Technology Marketing Corporation

2 Trap Falls Road Suite 106, Shelton, CT 06484 USA
Ph: +1-203-852-6800, 800-243-6002

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2020 Technology Marketing Corporation. All rights reserved | Privacy Policy