The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Hertz Global Holdings, Inc. (Hertz) (NYSE: HTZ).
On May 13, 2014, Hertz asked the U.S. Securities and Exchange Commission (SEC) for additional time to file its quarterly report for the first quarter ending March 31, 2014, after identifying certain errors that might require Hertz to restate its financial statements for 2011.
On June 6, 2014, Hertz announced that its financial statements for 2011 would need to be restated and should no longer be relied upon. Hertz further disclosed that the planned restatement is due to errors relating to, among other items, the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, allowances for uncollectible amounts with respect to renter obligations for damaged vehicles, and restoration obligations at the end of facility leases.
Hertz further announced that it will be conducting a more thorough review of its financial records for fiscal years 2011, 2012 and 2013. Hertz warned that this review may require it to restate and withdraw reliance on its 2012 and 2013 financial statements as well.In the meantime, Hertz advised that, in light of the above errors, it has determined that at least one material weakness existed in its internal control over financial reporting and that disclosure controls and procedures were ineffective as of December 31, 2013. As a result, Hertz expects to receive an adverse opinion on its internal control over financial reporting as of December 31, 2013, from its auditor, PricewaterhouseCoopers LLP. Persons with relevant information, and HTZ shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245. Additional information, including copies of recent filings by HTZ concerning the restatement, is available on our website at: http://www.wohlfruchter.com/cases/htz. About Wohl & Fruchter
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