The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Ryder System, Inc. (NYSE: R) who purchased shares between July 23, 2015 and February 13, 2020. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Ryder lawsuit alleges that (1) Ryder’s financial results were inflated as a result of the Company’s practice of overstating the residual values of the vehicles in its fleet; (2) there was no reasonable basis to believe that Ryder would sell its used vehicles for the amounts that it had assigned to them; (3) Ryder’s residual values for its fleet of vehicles exceeded the expected future values that would be realized upon the sale of those vehicles; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Shareholders have until July 20, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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