The Shareholders Foundation announces that an an investigation on behalf of investors, who currently hold NYSE:HTZ shares, is ongoing concerning potential breaches of fiduciary duties by certain Hertz Global Holdings directors and officers.
Investors who are current long term stockholders in Hertz Global Holdings, Inc. (NYSE:HTZ) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(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.
In late 2013 a lawsuit was filed against Hertz Global Holdings, Inc over alleged securities laws violations. The plaintiff in that lawsuit alleged that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing certain statements between May 8, 2013 and September 25, 2013 that were materially false and misleading. More spectifically, the plaintiff claims that Hertz Global Holdings, Inc issued financial statements that were not accurate, did not comply with Generally Accepted Accounting Principles (GAAP), and served to artificially inflate the market price of Hertz Global Holdings, Inc’s publicly traded securities
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. Furthermore, 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 $26.24 per share during June 10, 2014.
On November 14, 2014, Hertz Global Holdings, Inc. disclosed that it found $87 million in accounting errors in its financial filings from 2011 to 2013. Hertz Global Holdings, Inc also said that in June2014 Hertz Global Holdings, Inc 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. Shares of Hertz Global Holdings, Inc. (NYSE:HTZ) declined to as low as $19.55 per share on November 14, 2014.
On November 28, 2014, NYSE:HTZ shares closed at $23.74 per share.
Those who purchased shares of Hertz Global Holdings, Inc. have certain options and should contact the Shareholders Foundation.
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