TAKE A LOOK AT WHICH REPORT YOUR PORTFOLIO'S BEEN MISSING...

Shareholders Foundation offers real-time reporting of class action exposure on a per transaction basis,
including the documents you will need for claim filing and settlement recovery.
Start Monitoring Your Investments

Hertz Global Holdings Inc (NYSE: HTZ) Investor Securities Class Action Lawsuit 06/13/2014

  • If you purchased shares of Hertz Global Holdings Inc (NYSE: HTZ), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Hertz Global Holdings, Inc.
Security
NYSE: HTZ

Case Name
Hertz Global Holdings Shareholder Class Action Lawsuit 06/13/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

Class Period Begin
Class Period End
Deadline To File for Lead
You must register or login to receive notifications.

Click here to subscribe to Hertz Global Holdings, Inc..
Summary

August 14, 2014 - The court granted the notice and closed the case.
August 13, 2014 - The plaintiff filed a notice of voluntary dismissal without prejudice.

June 13, 2014 - An investor in shares of Hertz Global Holdings Inc (NYSE: HTZ) filed a lawsuit in the U.S. District Court for the District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Hertz Global Holdings Inc in connection with certain allegedly false and misleading statements made between February 22, 2012 to June 6, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Hertz Global Holdings Inc (NYSE: HTZ) common shares between February 22, 2012 to June 6, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The plaintiff claims that Hertz Global Holdings Inc issued financial statements that were not accurate, did not comply with Generally Accepted Accounting Principles (GAAP), and served to artificially inflate the market price of Hertz Global Holdings Inc's publicly traded securities.

Hertz Global Holdings Inc reported that its annual Total Revenue rose from over $7.56 billion in 2010 to over $10.77 billion in 2013 and that its Net Loss of $53.30 million turned into a Net Income of $346.50 million in 2013. Shares of Hertz Global Holdings Inc (NYSE: HTZ) grew from $8.90 per share in September 2011 to as high as $30.49 per share on June 5, 2014.

Then on June 6, 2014, Hertz Global Holdings Inc disclosed in a filing with the SEC that on May 13, 2014, each of Hertz Global Holdings Inc and The Hertz Corporation delayed the filing of its Form 10-Q for the period ended March 31, 2014. Hertz Global Holdings Inc said that during the preparation of the First Quarter 10-Q, errors were identified relating to Hertz Corporation’s conclusions regarding the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, as well as other items. Furthermore, Hertz Global Holdings Inc said that the Audit Committee has concluded that the financial statements for 2011 should no longer be relied upon, and Hertz must restate them, and that Hertz also needs to correct the 2012 and 2013 financial statements to reflect these errors.

Shares of Hertz Global Holdings Inc (NYSE: HTZ) dropped from over $30 per share on June 5, 2014, to as low as $26.24 per share during June 10, 2014.

On June 20, 2014, NYSE: HTZ shares closed at $28.64 per share.