San Diego, CA -- (SBWIRE) -- 06/09/2014 -- An investigation on behalf of investors of Hertz Global Holdings, Inc. (NYSE:HTZ) shares over potential securities laws violations by Hertz Global Holdings and certain of its directors and officers in connection certain financial statements was announced.
If you purchased shares of Hertz Global Holdings, Inc. (NYSE:HTZ), you have certain options and you should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Hertz Global Holdings, Inc. (NYSE:HTZ) concerning whether a series of statements by Hertz Global Holdings regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
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 Incomr og $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 (collectively referred to herein as “Hertz” or the “Company”) 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’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.
Futhermore, 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 $26.96 per share during June 6, 2014.
Those who purchased shares of Hertz Global Holdings, Inc. (NYSE:HTZ), have certain options and should contact the Shareholders Foundation.
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