Ryder System, Inc. Stock Drops 20% Following Significantly Reduced Financials: Murphy Law Firm Announces Filing of Class Action on Behalf of Investors
Oklahoma City, Oklahoma--(Newsfile Corp. - May 21, 2020) - Murphy Law Firm announces that a class action lawsuit has been filed on behalf of investors who purchased Ryder System, Inc. (NYSE: R) securities. The lawsuit alleges that certain Ryder System executive officers fraudulently inflated the Company's financial results between July 23, 2015 and February 13, 2020. As a result, Ryder System was ultimately forced to report a $357 million depreciation charge and a loss of $58 million on the sale of its used trucks. On this news, Ryder System's stock price dropped 20% over the course of just two trading days. The lawsuit seeks to recover monetary damages for Ryder System investors.
To join the lawsuit, go to https://www.murphylegalfirm.com/cases/ryder-landing/ or email firstname.lastname@example.org for more information about the class action.
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. The lawsuit alleges that rather than accurately representing these facts to investors, defendants misleadingly assured that they had been "conservative" in establishing the residual values the Company reported for its trucks. The exact opposite was true, according to the lawsuit. 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.
Join the Class Action: https://www.murphylegalfirm.com/cases/ryder-landing/
Murphy Law Firm Logo
To view an enhanced version of this logo, please visit:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56323