Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) ( http://www.rgrdlaw.com/cases/hertz/) today announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Hertz Global Holdings, Inc. (“Hertz”) (NYSE:HTZ) common stock during the period between February 25, 2013 and November 4, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/hertz/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Hertz and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Hertz, based in Park Ridge, New Jersey, is one of the nation’s largest automobile and equipment rental companies.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects, failing to disclose that: (a) Hertz was losing sales in the all-important airport market, which offers higher rental prices and margins than off-airport, longer-term “replacement car” locations; (b) Hertz had significant undisclosed exposure to the insolvency of Advantage Rent A Car (“Advantage”) subsidiary Simply Wheelz LLC (“Simply Wheelz”), a wholly-owned subsidiary of Hertz that operated its Advantage business; (c) Hertz and Advantage were engaged in a disagreement over the value of the Advantage fleet assets; (d) Hertz was carrying the value of its fleet transferred to Advantage and its subsidiary Simply Wheelz on its books at an artificially inflated level; and (e) as a result of the foregoing, Hertz lacked a reasonable basis for the positive statements about its business, earnings and prospects during the Class Period.