A securities class action has been filed in the USDC — M.D.FL. against Hertz Global Holdings, Inc. (HTZ) (“Hertz” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Hertz securities between April 27, 2023 and April 24, 2024, both dates inclusive (the “Class Period”).
Hertz is a vehicle rental company that offers both internal combustion engine (“ICE”) vehicle and electric vehicle (“EV”) rental services from Company operated, licensee, and franchisee locations across various countries. The Company also sells vehicles and value-added services.
The claim arises on April 25, 2024, when Hertz issued a press release announcing its first quarter 2024 results.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:
(1) Hertz had downplayed the financial impact of vehicle depreciation, and/or overstated its ability to track and manage vehicle depreciation;
(2) demand for Hertz’s EVs was not as strong as Defendants had led investors to believe;
(3) Hertz had too many vehicles, particularly EVs, in its fleet to remain profitable;
(4) as a result of all the foregoing, Hertz was likely to incur significant losses on the disposition of both its ICE vehicles and EVs;
(5) all the foregoing was likely to, and did, have a significant negative impact on Hertz’s financial results; and
(6) as a result, the Company’s public statements were materially false and misleading at all relevant times, thereby harming investors.
As a result, Hertz’s stock price fell $1.12 per share, or 19.31%, to close at $4.68 per share on April 25, 2024, thereby harming investors.
If you purchased Hertz securities during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.
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