According to the Complaint, Ryder Systems, Inc. is a global provider of transportation and supply chain management products, including leasing trucks to end users.

The Complaint alleges that Defendants inflated Ryder's financial results by systematically overstating the residual value of its trucking fleet, and that as a result of Defendants' misrepresentations, shares of Ryder's common stock traded at artificially inflated prices during the Class Period.

On August 4, 2020, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on October 5. Defendants filed a Motion to Dismiss the amended Complaint on December 4. On May 12, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.

On April 18, 2023, the parties notified the Court that they had reached an agreement in principle to settle the case. The parties entered into a Stipulation and Agreement of Settlement on May 19. The Court issued an Order denying Lead Plaintiffs' Motion for Preliminary Approval of the Settlement on August 11. Lead Plaintiff renewed the Motion for Preliminary Approval of the Settlement on August 17.

On February 20, 2024, the Court granted preliminary approval of the Settlement.