We are investigating Ryder System, Inc. (R) (“Ryder” or the “Company”) for potential violations of the federal securities laws. On July 30, 2019, Ryder drastically reduced its full-year 2019 earnings forecast, attributing the majority of the lowered guidance to Ryder’s weaker valuations of its tractors. On these disclosures, Ryder’s stock price fell $5.94 per share, or roughly 10%, to close at $53.38 per share on July 30, 2019. Then, on October 29, 2019, Ryder disclosed that “management concluded 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 significantly lowered the residual values for all of its vehicles and incurred $177 million in additional depreciation expense in the third quarter of 2019. On these disclosures, Ryder’s stock price fell $6.68 per share, or 12.12%, over the following two trading sessions, closing at $48.44 per share on October 30, 2019. Finally, on February 13, 2020, Ryder reported that, as a result of the significant reductions to the residual value of its fleet, it had incurred a total of $357 million in depreciation expense for 2019 plus a loss of approximately $58 million on the sale of used vehicles. Ryder also announced that, for 2020, it expected to incur another $275 million in depreciation expense on its fleet due to the reductions in residual value plus an additional $20 million estimated loss on used vehicle sales. On these disclosures, Ryder’s stock price fell $10.07 per share or 20.06%, over the following two trading sessions, closing at $40.12 per share on February 14, 2020.