An investigation on behalf of investors in Hertz Global Holdings, Inc. (NYSE:HTZ) shares over potential wrongdoing at Hertz Global Holdings was announced and NYSE:HTZ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/13/2015 -- An investigation for shareholders in NYSE:HTZ shares was announced over potential breaches of fiduciary duties by certain directors at Hertz Global Holdings.
Investors who purchased shares of Hertz Global Holdings, Inc. (NYSE:HTZ) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm concerns whether certain Hertz Global Holdings officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On November 20, 2013, a lawsuit was filed against Hertz Global Holdings Inc over alleged securities laws violations. The plaintiff alleged 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.
On June 6, 2014, Hertz Global Holdings, Inc. announced 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 said that during the preparation of the First Quarter 10-Q, errors were identified relating to Hertz'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.
Hertz Global Holdings said that the Audit Committee has concluded that the financial statements for 2011 should no longer be relied upon, and Hertz Global Holdings, Inc. must restate them, and that Hertz Global Holdings, Inc. also needs to correct the 2012 and 2013 financial statements to reflect these errors.
On November 14, 2014, Hertz Global Holdings, Inc announced that in June 2014 the Company was advised by the staff of the New York Regional Office of the SEC that it is investigating the events disclosed in certain of the Company's filings with the SEC.
Those who purchased shares of Hertz Global Holdings, Inc. have certain options and should contact the Shareholders Foundation.
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