NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Hertz Global Holdings, Inc. (NASDAQ: HTZ)?
- Did you purchase your shares between April 27, 2023 and April 24, 2024, inclusive?
- Did you lose money in your investment in Hertz Global Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NASDAQ: HTZ) between April 27, 2023 and April 24, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Middle District of Florida and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Hertz securities, and/or would like to discuss your legal rights and options please visit Hertz Global Holdings, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (i) Hertz had downplayed the financial impact of vehicle depreciation, and/or overstated its ability to track and manage vehicle depreciation; (ii) demand for Hertz’s electric vehicles (“EV”) 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; and (iv) Hertz was likely to incur significant losses on the disposition of both its both internal combustion engine (“ICE”) vehicles and EVs.
On April 25, 2024, Hertz announced its first quarter 2024 results, including adjusted diluted earnings-per-share (“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 the Company 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 ICE vehicles compared to gains in the prior-year quarter. The Company also disclosed that, of the $339 per unit increase, $119 was related to EVs held for sale. Hertz also 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.
On 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.
If you wish to serve as lead plaintiff, you must move the Court no later than July 30, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Hertz securities, and/or would like to discuss your legal rights and options please visit Hertz Global Holdings, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
