NEW YORK, March 24, 2021 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Ryder System, Inc. (“Ryder”) (NYSE: R) breached their fiduciary duties to Ryder and its shareholders. If you are a Ryder shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or email@example.com.
Scott+Scott is investigating whether members of Ryder’s Board of Directors (the “Board”) made, or caused Ryder to make, false and/or misleading statements, as well as failed to disclose material adverse facts, about Ryder’s business, operations, prospects, and financial health. Specifically, Scott+Scott is investigating whether the Board failed to disclose material information, including whether: (1) Ryder inflated its financial results by systematically overstating the residual value of its trucking fleet; and (2) as a result, statements about Ryder’s business, operations, and prospects lacked a reasonable basis.
On July 30, 2019, Ryder drastically reduced its full-year 2019 earnings forecast, which management attributed primarily to declining valuations of its trucks. On October 29, 2019, Ryder significantly lowered the residual value of its trucking fleet and incurred $177 million in additional depreciation expense in the third quarter of 2019. On February 13, 2020, Ryder reported that, based on the significant reductions to the residual value of its fleet, it had incurred a total of $357 million in additional depreciation expense for 2019, as well as a loss of $58 million on the sale of used vehicles. Ryder also announced that, for 2020, it expected to incur an additional $275 million in depreciation expense on its fleet, and an additional $20 million estimated loss on used vehicle sales. As a result of these disclosures, the price of Ryder common stock declined precipitously.
What You Can Do
If you are a Ryder shareholder, you may have legal claims against Ryder’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.