LOS ANGELES, July 20, 2020 (GLOBE NEWSWIRE) — The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to [email protected].
Elanco Animal Health Incorporated (NYSE: ELAN)
Class Period: January 10, 2020 – May 6, 2020
Lead Plaintiff Deadline: July 20, 2020
The complaint filed in this class action alleges that throughout the Class Period, Elanco made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Elanco failed to disclose to investors: (1) that, after consolidating its distributors from eight to four, the Company increased the amount of inventory, including companion animal products, held by each distributor; (2) that Elanco’s distributors were not experiencing sufficient demand to sell through the inventory; (3) that, as a result, the Company’s revenue was reasonably likely to decline; (4) that, as a result of the foregoing, Elanco would reduce its channel inventory with respect to companion animal products; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Ryder System, Inc. (NYSE: R)
Class Period: July 23, 2015 – February 13, 2020
Lead Plaintiff Deadline: July 20, 2020
The complaint alleges that throughout the Class Period, Ryder made false and/or misleading statements and/or failed to disclose: (1) that Ryder’s financial results were inflated as a result of the Company’s practice of overstating the residual values of the vehicles in its fleet because there was no reasonable basis to believe that the Company would sell its used vehicles for the amounts that it had assigned to them; and (2) that, as a result, Ryder’s residual values for its fleet of vehicles exceeded the expected future values that would be realized upon the sale of those vehicles by such a degree that the Company ultimately took a $357 million depreciation charge in 2019 related to Ryder’s reduction of its residual values to align them with the amounts for which they could realistically be sold.
Hamilton Beach Brands Holding Company (NYSE: HBB)
Class Period: February 27, 2020 – May 8, 2020
Lead Plaintiff Deadline: July 21, 2020
The complaint alleges that Hamilton made false and/or misleading statements and/or failed to disclose: (1) that Hamilton had inadequate disclosure controls and procedures and internal control over financial reporting, particularly with respect to one of its Mexican subsidiaries; (2) consequently, Hamilton’s accounting included certain irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at this Mexican subsidiary, as well as potential misconduct with respect to the realizability of certain assets of the Mexican subsidiary; (3) as a result of all the foregoing, Hamilton could not accurately attest to its financial results, particularly with respect to these metrics, and was consequently at an increased risk of delaying the filing of its period reports with the SEC; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
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To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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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