RADNOR, Pa., June 30, 2024 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a class action lawsuit has been filed against Hertz Global Holdings, Inc. (“Hertz”) (NASDAQ: HTZ) in the U.S. District Court for the Middle District of Florida. The lawsuit alleges violations of the federal securities laws by Hertz, including omissions and fraudulent misrepresentations regarding 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 have suffered Hertz losses, you can 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 may also contact Attorney Jonathan Naji, Esq. of Kessler Topaz by phone at (484) 270-1453 or by email at [email protected].
ALLEGED MISCONDUCT OF THE DEFENDANT
On January 11, 2024, Hertz announced in a filing with the SEC that it would sell approximately 20,000 electric vehicles (“EVs”) from its U.S. fleet, or approximately one-third of its global EV fleet, “to better align supply with expected demand for EVs.” According to Hertz, this would “result in the recognition of approximately $245 million of additional net depreciation expense related to the sale in the fourth quarter of 2023,” which “equals the write-down of the carrying amounts of the EVs as of December 31, 2023 to their fair value less costs associated with disposing 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 the board would step down from their positions 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 things, Hertz reported earnings per share of -$1.28 for the quarter, well below the consensus estimate of -$0.43 and far below the adjusted diluted earnings per share of $0.39 that Hertz achieved in the same period last year. In discussing these results, Hertz disclosed that vehicle depreciation increased by $588 million, or $339 per unit, in the quarter, primarily due to deterioration in estimated residual values and disposal losses on internal combustion engine vehicles compared to earnings in the prior year quarter. In addition, Hertz reported a $195 million charge for vehicle depreciation to write down to fair value the electric vehicles held for sale that were still in inventory at the end of the quarter and to account for capital losses on electric vehicles sold during 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 can by 30 July 2024 at the latest, seek to be appointed as lead plaintiff representative for the class through Kessler Topaz Meltzer & Check, LLP or another attorney, or they may choose to do nothing and remain absent as a class member. Kessler Topaz Meltzer & Check, LLP recommends that Hertz investors who have suffered significant losses contact the firm directly for more information. The class action lawsuit against Hertz, Doller v. Hertz Global Holdings, Inc., et al., Case number 24-cv-00513 is filed in the U.S. District Court for the Middle District of Florida.
CLICK HERE TO REGISTER FOR THE CASE 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 THE MAIN CAMP?
A lead plaintiff is a representative party acting on behalf of all class members in directing the litigation. The lead plaintiff is typically the investor or small group of investors who have the largest financial interest and who are also appropriate and typical of the proposed investor class. The lead plaintiff selects counsel to represent the lead plaintiff and the class, and those attorneys, if approved by the court, are lead or class counsel. Your ability to share in any compensation will not be affected by the decision whether or not to serve as lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP litigates class action lawsuits in state and federal courts across the country and around the world. The firm has earned a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate wrongdoing. All of our work is driven by a common goal: to protect investors, consumers, employees and others from corporate and fiduciary fraud, abuse, misconduct and negligence. The claim in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP, visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Street
Radnor, PA 19087
[email protected]
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