The Shareholders Foundation announces an investigation on behalf of current long-term investors in shares of Hertz Global Holdings, Inc. (NYSE:HTZ) was initiated concerning whether certain Hertz Global Holdings directors and officers breached their fiduciary duties and caused damages to the company and NYSE:HTZ stockholders.
Investors who are current long term investors in Hertz Global Holdings, Inc. (NYSE:HTZ) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NYSE:HTZ stocks follows a lawsuit filed against Hertz Global Holdings, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:HTZ stocks concerns whether certain Hertz Global Holdings officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that Hertz Global Holdings, Inc. 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’ 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 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 that operated its Advantage business, that Hertz Global Holdings and Advantage were engaged in a disagreement over the value of the Advantage fleet assets, that Hertz Global Holdings 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 lacked a reasonable basis for the positive statements about its business, earnings and prospects between February 25, 2013 and November 4, 2013.
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.
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. declined from $23.81 per share on November 4, 2013, to $20.06 per share on November 5, 2013.
On April 1, 2014, NYSE:HTZ shares closed at $27.52 per share.
Those who purchased shares of Hertz Global Holdings, Inc. (NYSE:HTZ) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com