Brower Piven, A Professional Corporation announces that a class action lawsuit 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” or the “Company”) (NYSE: HTZ) common stock during the period between February 25, 2013 and November 4, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Hertz Global Holdings, Inc. common stock purchased on or after February 25, 2013, and held through any of the revelations of negative information on September 26, 2013 and/or November 4, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 21, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was losing sales in its airport market, that the Company had significant undisclosed exposure to Advantage subsidiary Simply Wheelz’s insolvency, that the Company and Advantage were engaged in a disagreement over the value of the Advantage fleet assets, and that the Company was carrying the value of the fleet transferred to Advantage and Simply Wheelz on its books at an inflated level. According to the complaint, following the Company’s September 26, 2013 disclosure that it was revising its full year 2013 guidance, and the Company’s November 4, 2013 disclosure that Hertz’s net income had fallen during the third quarter of 2012 and that Hertz faced significant exposure to Simply Wheelz’s insolvency, the value of Hertz shares declined significantly.
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