WELLINGTON, Fla.,, May 26, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) advises investors that a Securities Fraud Class Action lawsuit has been filed against Ryder System, Inc. (NYSE: R), and encourages shareholders with substantial losses to contact the Firm to discuss the case and their options as class members.
The case, Key West Police & Fire Pension Fund v. Ryder System, Inc., et al., Case No.: 1:20-cv-22109-KMW, was filed in the U.S. District Court for the Southern District of Florida on behalf of shareholders who purchased the Company’s shares between July 23, 2015 and February 13, 2020, inclusive (the “Class Period”). The lawsuit alleges that Ryder and certain of its current and former executives failed to disclose material information during the Class Period, violating federal securities laws. Specifically, the lawsuit alleges that the Ryder defendants misrepresented the Company’s true financial condition by overstating the residual value of its trucking fleet, which artificially inflated the Company’s earnings.
Finally, on February 13, 2020, Ryder disclosed that, due to significant reductions to the residual value of its trucking fleet, the Company had incurred a total of $357 million in depreciation expense for 2019 plus 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.
In response, the Company’s stock price plummeted 20% over two trading days from $50.19 per share to $40.12 per share. The price has continued to decline and on May 22, 2020, the stock closed at $31.10 per share.
If you purchased shares of Ryder and would like to discuss the case and your options as a class member and potential lead plaintiff, you may, without obligation or cost, contact Anthony Barbuto, at (888) 715-2520, or via email at anthony@barjolaw.com, or Neil Rothstein via email at neil@barjolaw.com. BARJO believes strongly that the choice of a qualified Lead Plaintiff can have a significant impact on the successful outcome of a case.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com