BOSTON, May 20, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that a securities fraud lawsuit has been filed against Ryder System, Inc. (NYSE: R) and certain of its officers. Investors who have lost money are encouraged to contact the firm for a free case evaluation. 

Ryder provides transportation and supply chain management solutions. The lawsuit, filed in the U.S. District Court for the Southern District of Florida, alleges that between 2015 and 2020, Ryder grossly overstated the residual values assigned to its trucks. As a result, Ryder is alleged to have recorded smaller depreciation expenses and artificially inflated its earnings.

The truth was revealed between July 2019 and February 2020, when Ryder drastically reduced its 2019 full year earnings forecast, and recorded hundreds of millions of dollars in additional depreciation expenses due to reductions to the residual value of its fleet, and recorded tens of millions of dollars in losses on sales of used vehicles. Ryder’s stock price fell from a July 30, 2019 price of $59.32 per share to a close of $40.12 per share on February 14, 2020.

If you purchased or acquired shares of Ryder, have lost money as a result of these announcements, and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockesq.com, or at https://shareholder.law/cases/?case=ryder.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockesq.com
SOURCE: Block & Leviton LLP
www.blockesq.com