LOS ANGELES, Aug. 04, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Ryder System, Inc. (“Ryder” or the “Company”) (: R) concerning whether the board breached its fiduciary duties to shareholders.
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On October 29, 2019, the Company disclosed that "our residual value estimates likely exceeded the expected future values that would be realized upon the sale of power vehicles in our fleet."
As a result, Ryder recorded $177 million in additional depreciation expense in connection with the significantly lower residual value estimates.
Then, on February 13, 2020, the Company reported that it had incurred a total of $357 million in additional depreciation expense for 2019 due to lower residual values of its fleet, as well as a loss of $58 million on the sale of used vehicles. For fiscal 2020, Ryder expected to incur an additional $275 million in depreciation expense and an additional $20 million estimated loss on used vehicle sales.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above misconduct.
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If you purchased Ryder shares before October 29, 2019 and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
