RADNOR, Pa., July 13, 2024 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been against Hertz Global Holdings, Inc. (“Hertz”) (NASDAQ: HTZ). The action charges Hertz with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Hertz’s materially misleading statements and omissions to the public, Hertz’s investors have suffered significant losses. The lead plaintiff deadline is July 30, 2024.
If you suffered Hertz losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/hertz-global-holdings-inc?utm_source=PR&utm_medium=link&utm_campaign=htz&mktm=r
You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling (484) 270-1453 or by email at [email protected].
DEFENDANTS’ ALLEGED MISCONDUCT
On January 11, 2024, Hertz revealed in a filing with the SEC that it would sell approximately 20,000 electric vehicles (“EVs”) from its U.S. fleet, or about one-third of its global EV fleet, “to better balance supply against expected demand of EVs.” According to Hertz, this would “result in the recognition, during the fourth quarter of 2023, of approximately $245 million of incremental net depreciation expense related to the sale[,]” which “represents the write down of the EVs’ carrying values as of December 31, 2023 to their fair values, less related expenses associated with the disposition of the vehicles.”
Following this news, Hertz’s stock price fell $0.40 per share, or 4.28%, to close at $8.95 per share on January 11, 2024.
On March 15, 2024, Hertz announced that its CEO and Chairman of its Board of Directors would resign from his roles by the end of the month, and that Hertz had subsequently appointed a new CEO.
Then, on April 25, 2024, Hertz issued a press release announcing its first quarter 2024 results. Among other items, Hertz reported EPS of –$1.28 for the quarter, well short of the consensus estimate of –$0.43, and far worse than the adjusted diluted EPS of $0.39 that Hertz had achieved in the same period the year prior. In discussing these results, Hertz revealed that vehicle depreciation in the quarter increased $588 million, or $339 on a per-unit basis, primarily driven by deterioration in estimated forward residual values and disposition losses on internal combustion engine vehicles compared to gains in the prior-year quarter. Moreover, Hertz reported a $195 million charge to vehicle depreciation to write down EVs held for sale that were remaining in inventory at quarter-end to fair value and to recognize the disposition losses on EVs sold in the period.
Following this news, Hertz’s stock price fell $1.12 per share, or 19.31%, to close at $4.68 per share on April 25, 2024.
WHAT CAN I DO?
Hertz investors may, no later than July 30, 2024, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Hertz investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Hertz, Doller v. Hertz Global Holdings, Inc., et al., Case No. 24-cv-00513, is filed in the United States District Court for the Middle District of Florida.
CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/hertz-global-holdings-inc?utm_source=PR&utm_medium=link&utm_campaign=htz&mktm=r
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]
May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.
SOURCE Kessler Topaz Meltzer & Check, LLP
