Hertz Global Holdings, Inc. Class Action Lawsuit - HTZ
Case Summary
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The Hertz class action lawsuit seeks to represent purchasers or acquirers of Hertz Global Holdings, Inc. (NASDAQ: HTZ; HTZWW) securities between April 27, 2023 and April 24, 2024, both dates inclusive (the “Class Period”). Captioned Doller v. Hertz Global Holdings, Inc., No. 24-cv-00513 (M.D. Fla.), the Hertz class action lawsuit charges Hertz and certain of Hertz’ top current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Hertz class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the Hertz class action lawsuit must be filed with the court no later than July 30, 2024.
CASE ALLEGATIONS: Hertz is a vehicle rental company that offers both internal combustion engine (“ICE”) vehicle and electric vehicle (“EV”) rental services.
The Hertz class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Hertz downplayed the financial impact of vehicle depreciation, and/or overstated its ability to track and manage vehicle depreciation; (ii) demand for Hertz’ EVs was not as strong as defendants had led investors to believe; (iii) Hertz had too many vehicles, particularly EVs, in its fleet to remain profitable; (iv) as a result, Hertz was likely to incur significant losses on the disposition of both its ICE vehicles and EVs; and (v) all the above was likely to, and did, have a significant negative impact on Hertz’ financial results.
The Hertz class action lawsuit further alleges that on January 11, 2024, Hertz disclosed that it would sell approximately 20,000 EVs from its U.S. fleet, or about one-third of its global EV fleet, “to better balance supply against expected demand of EVs.” On this news, the price of Hertz stock fell more than 4%, according to the complaint.
Then, on April 25, 2024, the Hertz class action lawsuit further alleges that Hertz announced an adjusted diluted earnings per share (“EPS”) of -$1.28 for the first quarter of 2024, short of the consensus estimate of -$0.43, and below the adjusted diluted EPS of $0.39 that Hertz had achieved in the same period the year prior. According to the complaint, Hertz further revealed that it had incurred hundreds of millions of dollars in vehicle depreciation-related costs in the quarter, driven in part by an upsized EV disposition plan and the disposition of ICE vehicles. The Hertz class action lawsuit alleges that on this news, the price of Hertz stock fell more than 19%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Hertz securities during the Class Period to seek appointment as lead plaintiff in the Hertz class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Hertz class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Hertz class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Hertz class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.