Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Ryder System, Inc. (NYSE: R).
In July 2019, the Company greatly lowered its full-year 2019 earnings forecast indicating that most of the lowered guidance reflected its weaker valuations of its tractors. Then, in October 2019, the Company disclosed that it was reducing its residual value estimates by $844 million. Then, on February 13, 2020, the Company disclosed that, due to significant reductions to the residual value of its trucking fleet, it had taken a total of $357 million in depreciation expense for 2019 and 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.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward.
KSF’s investigation is focusing on whether Ryder’s officers and/or directors breached their fiduciary duties to the Company’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Ryder shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.