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SHAREHOLDER ALERT: Lowey Dannenberg Investigates Claims on Behalf of Investors of Ryder System, Inc. (R) and Encourages Investors to Contact the Firm

NEW YORK, May 28, 2020 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating claims of violations of federal securities laws on behalf of investors of Ryder System, Inc. (“Ryder” or the “Company”) (NYSE: R). 

Ryder is a U.S. based provider of transportation and supply chain management products and rental trucks. On July 30, 2019, the Company reported a reduction in their full-year 2019 earnings forecast due to an updated and lower valuation of their tractors. This disclosure caused Ryder stock to fall $5.94, or just above 10%.

On October 29, 2019, Ryder further reduced valuations for their assets, this time as to the vehicles in their nation-wide fleet. This change in valuation caused the Company to incur $177 million in additional depreciation expense for the third quarter of 2019. The news caused Ryder’s stock to fall by $6.68, or over 12% over the following two trading sessions.

Finally, on February 13, 2020, the Company again reported a reduction in the value of its fleet, causing Ryder to take on a $357 million depreciation expense for 2019 as well as a loss of almost $59 million on the sale of used vehicles from their fleet. They also forecasted another $275 million in depreciation expense for the fleet and $20 million in losses on used vehicle sales in 2020. This news caused Ryder stock to fall by $10.07 or 20% over the next two trading sessions.

A securities class action was filed on May 20, 2020 on behalf of investors who purchased Ryder securities between July 23, 2015 and February 13, 2020. The complaint alleges that Ryder inflated their financial results by overstating the value of their vehicles, making the Company’s statements during the period materially misleading and/or lacking a reasonable basis. The class in this case has not yet been certified, meaning that you are not represented by an attorney. The deadline to be appointed lead plaintiff is July 20, 2020.

If you are a shareholder of Ryder who suffered a loss, we encourage you to contact attorney Andrea Farah of Lowey Dannenberg at (914) 733-7256 or afarah@lowey.com to learn more about this case or to discuss your options.

Whistleblowers: Persons with non-public information regarding Hallmark should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws.  The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors. 

Contact

Andrea Farah

Lowey Dannenberg P.C.

44 South Broadway, Suite 1100

White Plains, NY 10601

Tel: (914) 733-7256

Email: afarah@lowey.com

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