NEW ORLEANS, La., May 22, 2020 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 20, 2020 to file lead plaintiff applications in a securities class action lawsuit against Ryder System, Inc. (NYSE: R), if they purchased the Company's shares between July 23, 2015 and February 13, 2020, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Florida.
What You May Do
If you purchased shares of Ryder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-r/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 20, 2020.
About the Lawsuit
Ryder and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
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.
On this news, the price of Ryder's shares plummeted 20% over two trading days.
The case is Key West Police & Fire Pension Fund v. Ryder System, Inc., et al, 20-cv-22109.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients -- including public institutional investors, hedge funds, money managers and retail investors -- in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC