PHILADELPHIA, July 20, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Ryder System, Inc. (“Ryder System” or the “Company”) (NYSE: R) to determine whether Ryder System may have violated federal securities laws.
Investors who purchased, or otherwise acquired, securities of Ryder System between July 23, 2015 and February 13, 2020, both dates inclusive (the “Class Period”), and suffered losses greater than $100,000 are encouraged to complete Kehoe Law Firm’s Securities Class Action Questionnaire or contact Kevin Cauley, Director, Business Development, (215) 792-6676, Ext. 802, securities@kehoelawfirm.com, to discuss the investigation or potential legal claims.
According to a class action lawsuit filed on behalf of Ryder System investors, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that the Company’s financial results were inflated as a result of the Company’s practice of overstating the residual values of the vehicles in its fleet, because there was no reasonable basis to believe that Ryder System would sell its used vehicles for the amounts that it had assigned to them; and as a result, the Company’s residual values for its fleet of vehicles exceeded the expected future values that would be realized upon the sale of those vehicles by such a degree that Ryder System ultimately took a $357 million depreciation charge in 2019 related to the Company’s reduction of its residual values to align them with the amounts for which they could realistically be sold.
IF YOU WISH TO SERVE AS LEAD PLAINTIFF, YOU MUST MOVE THE COURT NO LATER THAN JULY 20, 2020. To be a member of the class action, you do not need to take any action at this time; you may retain counsel of your choice; or you can take no action and remain an absent member of the class action. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel, unless you retain an attorney. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
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