Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed against Hertz Global Holdings, Inc. (“Hertz” or “Company”) (NYSE: HTZ). The firms are investigating additional legal claims against the officers and Board of Directors of Hertz during the period of February 25, 2013 and November 4, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Hertz and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants misrepresented and/or failed to disclose that: (i) 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; (ii) Hertz has significant undisclosed exposure to Advantage subsidiary Simply Wheelz’s insolvency resulting from its having transferred much of its older, less valuable fleet to Advantage in the divestiture and valuing the fleet transferred to Advantage at improperly high prices; (iii) Hertz and Advantage were engaged in a disagreement over the value of the Advantage fleet assets; (iv) 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 (v) as a result of the above, Defendants lacked a reasonable basis for their positive statements about Hertz and its business, earnings and prospects.