WELLINGTON, FL / ACCESSWIRE / July 10, 2020 / Barbuto & Johansson, P.A. ("BARJO" or the "Firm") and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON), remind investors that they have until July 20, 2020 to file lead plaintiff applications in the securities class action lawsuit filed against Ryder System, Inc. (NYSE:R). Shareholders with losses exceeding $100,000 are encouraged to contact the Firm to discuss their options and potential appointment as lead plaintiff.
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 common stock 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.
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 to this news, the Company's stock price plummeted approximately 20% over two trading days from $50.19 per share to $40.12 per share.
If you purchased shares of Ryder and would like to discuss the case and your options as a class member and serving as a lead plaintiff, you may, without obligation or cost, contact attorney Anthony Barbuto, at (888) 715-2520, or via email at [email protected], or Neil Rothstein via email at [email protected]. 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.
12773 Forest Hill Blvd., 101
Wellington, FL 33414
SOURCE: Barbuto & Johansson Firm