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.