This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lieff Cabraser Announces Class Action Litigation Against Hertz Global Holdings, Inc. - HTZ

Stocks in this article: HTZ

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased or acquired the securities of Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NYSE:HTZ) between February 22, 2012 and June 6, 2014, inclusive (the “Class Period”).

If you purchased or acquired Hertz securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than August 15, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Hertz investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the Hertz Securities Class Litigation

The action charges Hertz and certain of its officers with violations of the Securities Exchange Act of 1934. Hertz is one of the largest automobile and equipment rental companies in the United States.

The complaint alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (i) that Hertz had accounting errors; (ii) that, consequently, the Company’s revenue and financial results were overstated; (iii) that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (iv) that the Company lacked adequate internal and financial controls; and (v) that, due to the foregoing, the Company’s financial statements from 2011 through June 6, 2014 were materially false and misleading at all relevant times.

On June 6, 2014, Hertz announced that the Audit Committee of the Company’s Board of Directors had determined that Hertz’s financial statements filed with the Securities and Exchange Commission on Form 10-K for the fiscal year ended December 31, 2013 should no longer be relied upon. According to Hertz, during the preparation of the First Quarter 10-Q for the period ended March 31, 2014, “errors were identified relating to Hertz’s conclusions regarding the capitalization and timing of depreciation of certain non-fleet assets, allowances for doubtful accounts in Brazil, as well as other items.” Subsequently, Hertz identified additional errors related to allowances for uncollectible amounts with respect to renter obligations for damaged vehicles and restoration obligations at the end of facility leases.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs