Lawsuit Overview
May 30, 2017 - The lead plaintiff filed a notice of appeal.
April 27, 2017 - The court granted defendants' motions to dismiss with prejudice.
November 4, 2015 - Defendants filed motions to dismiss.
August 21, 2015 - The lead plaintiff filed a third amended consolidated complaint.
July 22, 2015 - The court granted defendants' motion to dismiss with leave to amend.
December 19, 2014 - The defendants filed a motion to dismiss.
November 7, 2014 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Hertz Global Holdings Inc (NYSE: HTZ) common shares between May 8, 2013 and September 25, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 8, 2013 and September 25, 2013.
October 16, 2014 - The court granted the defendants' motion to dismiss.
August 7, 2014 - Defendant filed a motion to dismiss.
May 7, 2014 - The lead plaintiff filed an amended consolidated on behalf of investors who purchased Hertz Global Holdings Inc (NYSE: HTZ) common shares between March 4, 2013 and September 25, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 4, 2013 and September 25, 2013.
February 20, 2014 - The lead plaintiff and lead counsel were appointed.
January 21, 2014 - A lead plaintiff motion was filed.
November 20, 2013 - An investor in shares of Hertz Global Holdings Inc (NYSE: HTZ) filed a lawsuit in the U.S. District Court for the District of New Jersey against Hertz Global Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 25, 2013 and November 4, 2013.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Hertz Global Holdings Inc (NYSE: HTZ) between February 25, 2013 and November 4, 2013, that Hertz Global Holdings Inc and certain of its senior executives violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that between February 25, 2013 and November 4, 2013 the defendants issued materially false and misleading statements regarding Hertz Global Holdings Inc’s financial performance and future prospects, failing to disclose that Hertz Global Holdings was losing sales in the all-important airport market, which offers higher rental prices and margins than off-airport, longer-term “replacement car” locations, that Hertz Global Holdings Inc had significant undisclosed exposure to the insolvency of Advantage Rent A Car (“Advantage”) subsidiary Simply Wheelz LLC (“Simply Wheelz”), a wholly-owned subsidiary of Hertz Global Holdings Inc that operated its Advantage business, that Hertz Global Holdings Inc and Advantage were engaged in a disagreement over the value of the Advantage fleet assets, that Hertz Global Holdings Inc was carrying the value of its fleet transferred to Advantage and its subsidiary Simply Wheelz on its books at an artificially inflated level, and that as a result of the foregoing, Hertz Global Holdings Inc lacked a reasonable basis for the positive statements about its business, earnings and prospects between February 25, 2013 and November 4, 2013.
Hertz Global Holdings Inc reported that its annual Total Revenue increased from over $6.98 billion in 2009 to over $8.83 billion in 2012 and that its Net Loss of $129.53 million in 2009 turned into a Net Income of $243.08 million in 2012.
Shares of Hertz Global Holdings Inc (NYSE: HTZ) grew from $2.24 per share in March 2009 to as high as $27.38 per share on September 17, 2013.
Then on September 26, 2013, Hertz Global Holdings Inc announced that it revised its guidance for the full-year 2013 revenues, adjusted pre-tax income, Corporate EBITDA, adjusted net income and adjusted diluted earnings per share.
Shares of Hertz Global Holdings Inc (NYSE: HTZ) declined from $25.78 per share on September 25, 2013, to $21.63 per share on September 26, 2013.
Then on November 4, 2013, Hertz Global Holdings Inc reported its third quarter 2013 results. Among other things, Hertz Global Holdings Inc announced that its third quarter 2013 net income attributable to Hertz Global Holdings Inc and Subsidiaries' common stockholders, on a GAAP basis, was $214.7 million or $0.47 per share on a diluted basis, compared to $242.9 million or $0.55 per share on a diluted basis for the third quarter of 2012.
Shares of Hertz Global Holdings Inc (NYSE: HTZ) declined from $23.81 per share on November 4, 2013, to $20.06 per share on November 5, 2013.
On November 20, 2013, Hertz Global Holdings Inc (NYSE: HTZ) shares closed at $23.42 per share.