R.US
id: 900
Ryder System (R) Financial Issues $45M Settlement
S.D. Florida
Court1:20-cv-22109
Case number23 Jul 2015
Class period Start13 Feb 2020
Class period End11 Sept 2024
Claim deadlineRyder (R) agreed to pay $45M to investors to resolve claims due to the financial misrepresentation.
Case Details:
Ryder was accused of overstating the expected residual value of its trucking fleet.
The truth came out in 2019 when Ryder reduced its earnings forecast due to declining truck values.
Subsequent disclosures in 2019 and 2020 revealed lower truck values, increased depreciation expenses, causing significant drop in $R.
Ryder has now decided to end the allegations and pay a $45M settlement.
Case Status
Accepting Claims
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.68
Filing date
05 October 2020
Plaintiffs
State of Alaska, Alaska Permanent Fund
Attorneys
Bernstein Litowitz Berger & Grossmann LLP
Defendants
Robert E. Sanchez; Art A. Garcia; Dennis C. Cooke
Judge
Kathleen M. Williams
Administrator
JND Legal Administration
Settlement agreement date
2023-05-19
Court hearing date
23 October 2024
Exclusion deadline
11 September 2024
Objection deadline
11 September 2024
Class wide damages
$1,072,000,000
Trades matching type
FIFO
+$45,000,000
Cash Settlement Amount