Ryder System, Inc. (NYSE: R)

A class action lawsuit has been filed on behalf of investors who purchased Ryder System, Inc. (NYSE: R) stock. The lawsuit alleges that certain Ryder System executive officers fraudulently inflated the Company’s financial results between July 23, 2015 and February 13, 2020 by drastically overstating the residual values of its trucking fleet. As a result, the Company was ultimately forced to report a $357 million depreciation charge and a loss of $58 million on the sale of its used trucks. This caused Ryder System's stock price to drop 20% over the course of just two trading days. The lawsuit seeks to recover monetary damages for Ryder System investors, with all litigation costs and expenses covered by Murphy Law Firm.
Investor Information

The lawsuit alleges that defendants made materially false and misleading statements to investors, by repeatedly increasing the reported residual values for Ryder System’s trucks during a time when sales of used trucks were declining. Rather than accurately representing these facts to investors, defendants misleadingly assured investors that they had been “conservative” in establishing the residual values the Company reported for its trucks. Ryder System executives went so far as to claim: “We don’t have a situation where we’ve got a bunch of vehicles that are at high residual values [that] have to be written down.” The exact opposite was true. This was revealed to investors on February 13, 2020 when Ryder System reported a $357 million depreciation charge, reported a loss of $58 million on the sale of its used trucks, and announced that it expected to incur another $275 million in depreciation expense on its trucking fleet. When these true facts were revealed to the market, the price of Ryder System stock fell from $50.19 per share to $40.12 per share over just two trading days, causing substantial losses for investors.

To join the lawsuit, please provide your information above, or to discuss your rights regarding this class action, please contact A. Brooke Murphy, Esq. at abm@murphylegalfirm.com or (405) 389-4989.